Financial Daily from THE HINDU group of publications
Friday, Aug 29, 2003
Financial Daily from THE HINDU group of publications Friday, Aug 29, 2003 |
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Corporate
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Mergers & Acquisitions UK co to take stake in Arvind Remedies Our Bureau
Chennai , Aug. 28 CITICONSULT Emerging Markets Ltd of the UK plans to take an equity stake in the Chennai-based Arvind Remedies Ltd. Citiconsult plans to invest about £ 6 million ($10 million) at a price of Rs 11 for each Re one share, according to a press release from Arvind Remedies. This will translate into a nearly 15 per cent stake in the company, Mr Arvind Shah, Managing Director, Arvind Remedies, told Business Line. The board of directors of Arvind Remedies is meeting on September 5 to consider Citiconsult's proposal to take an equity stake in the company and also to allow FIIs to invest up to 24 per cent of the company's equity, according to the release. Mr Shah said that Citiconsult managed funds totally to the tune of $100 million. A few other FIIs had evinced interest in investing in Arvind Remedies. The proceeds from the proposed FII investments would be used to part-finance the Rs 70 crore expansion plans of Arvind Remedies - an US FDA plant, a plant for herbals, and another for medical nutritional supplements, he said.
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