McNally Sayaji Engineering Ltd (MSEL) will not go in for a follow-on offer in 2013-14, said Deepak Khaitan, Chairman.

Khaitan, who is also Chairman of McNally Bharat Engineering Co Ltd (MBECL), the 70 per cent owner of McNally Sayaji, told news persons here on Monday that the financial performance of the company was still not conducive for a fresh public offer.

“But as the Singapore-based PE firm EIG has expressed its desire to exit McNally Sayaji, we are considering to rope in another investor and make way for EIG’s exit.

EIG has 14.9 per cent stake in the McNally Sayaji, a capital equipment company – primarily crushers meant for iron ore mining and construction industries.

The nominally listed (on Ahmedabad Stock Exchange) company made a net loss in 2011-12. “This financial year it may break-even”, Khaitan said.

Williamson Magor and MBECL, the two BM Khaitan Group entities, hold 74.5 per cent stake in McNally Sayaji.

The rest is with odd assortment of investors.

(This article was published on December 17, 2012)
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