Business Daily from THE HINDU group of publications
Friday, Nov 30, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Friday, Nov 30, 2007 ePaper | Mobile/PDA Version |
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Markets
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Stocks Corporate - Mergers & Acquisitions Our Bureau Mumbai, Nov. 29 US-based investment banking and securities firm Goldman Sachs has picked up a 4 per cent stake in Man Industries, a pipe manufacturing company, for Rs 15 crore. The stock has hogged the limelight as the company is set to commission its US manufacturing facility of 3 lakh tonnes per annum. Man Industries recently received $225 million (Rs 900 crore) order to supply HSW (helically submerged arc welded) pipes from US-based Mid Continental LLC, a wholly-owned subsidiary of Kinder Morgan. The company recently raised $50 million (Rs 200 crore) FCCB (foreign currency convertible bonds) to fund its US plans. “We have been receiving enquiries from PE funds, but the promoters do not have any plans for dilution of their stake as their holding is so low at 41 per cent, which will further fall to 32 per cent after FCCB conversion,” said Mr K.G. Mantri, Senior Vice-President, Man Industries. Foreign and domestic financial institutions own around 48 per cent. “Even among retail investors about 7 per cent are still to demat their shares. We are getting enquiries daily,” he said. Ramp upOn the domestic front, the company is ramping up its capacity and plans to have a LSW (Longitudinally submerged arc welded) and HSW pipes capacity of 1 million in two to three months. The company has a market share of 20-25 per cent. “We are expecting big orders from GAIL and Reliance in the near futures as both plan to lay 20,000 km pipelines,” he said. Though the company exports 75 per cent of products, rupee appreciation against dollar had little impact as the entire raw material is imported. More Stories on : Stocks | Mergers & Acquisitions | Foreign Institutional Investors | Steel
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