Business Daily from THE HINDU group of publications
Thursday, Aug 03, 2006
Business Daily from THE HINDU group of publications Thursday, Aug 03, 2006 |
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Stock Markets Markets - Stocks Columns - Ear to the ground
According to market grapevine, a tacit understanding has been reached between the present overseas promoters, Nalco Company of US and Suez of France (Ondeo Nalco's previous promoter), for offloading the latter's 17.18 per cent stake in the Indian outfit. Suez holds 8.59 lakh shares in the company as a non-promoter body (company categorised it as part of the public holding) since March 2005. Nalco Company's holding is 80 per cent. The retail investors' total holding is 2.82 per cent. Interestingly, Suez's holding had come about through an open offer (which was stuck in a legal battle regarding the interest payment) after Nalco's worldwide business was taken over by the new promoters - a consortium of three global private equity players comprising Blackstone Group, Apollo Management LP and Goldman Sachs Capital Partners. Suez had bought the shares at Rs 323 plus Rs 271.98 as interest per share under SEBI ruling. On Wednesday, the stock closed on the BSE at the proposed reverse book-building floor price of Rs 725 on expectation of Suez's offloading. Trading volume, however, was nominal.
Jayanta Mallick
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