Bought 57.17% stake in DPSC at Rs 172 Cr via consortium; will have to make open offer for DPSC; no change in guidance, investment long-term in nature: c
Sunil Kanoria of SREI Infra said that the company bought 57.17% stake in DPSC at Rs 172 crore via consortium. The company will have to make an open offer for additional 20% stake for DPSC. In the next couple of days, the company will receive more clarity.
He further said that the company doesn’t change the FY10 & FY11 guidance. IPCL and SREI are in the consortium. The investment in DSPC is long-term investment currently. The company will take to get return from DSPC. There are no concerns about the NPAs and an improvement is expected in Q4FY10, he added.
SREI Infra has market cap of Rs 905 crore. The consortium led by the company bought 57.17% stake in DPSC at Rs 172 crore. The company will have to make an open offer for additional 20% in DPSC. Sellers in DPSC were Andrew Yule (15%), LIC (30.61%) and Utd India Assurance (11.36%).
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