Business Daily from THE HINDU group of publications
Friday, Nov 17, 2006
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Business Daily from THE HINDU group of publications Friday, Nov 17, 2006 ePaper |
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Markets
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Venture Capital Agri-Biz & Commodities - Oilseeds & Edible Oil Our Bureau
Mumbai , Nov. 16 Citigroup Venture Capital International Growth Partnership Mauritius Ltd, an investment company, will acquire 32,91,656 equity shares of K.S. Oils Ltd at a price of Rs 180 per share for a total investment not exceeding Rs 59.24 crore. The company is also considering subscribing to 17,08,344 warrants, each convertible into one equity share at Rs 180 each. PricewaterhouseCoopers Pvt Ltd was the financial advisor for K.S. Oils' fund raising. Independently, the promoters of K.S. Oils will also subscribe to 23 lakh warrants. Each warrant will be entitled to one share at Rs 180 per share, aggregating to Rs 41.40 crore. "The money raised will help us in acquiring new manufacturing facilities in the major oilseeds growing belts of India. "The company is targeting several acquisitions in Madhya Pradesh, Rajasthan, Uttar Pradesh and Punjab. Our strategy is to own edible oil units in those areas where oilseeds are available in abundance and to do the back/forward integration therein," said Mr Sanjay Agarwal, CEO, K.S. Oils.
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