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Carbon Resources, a producer of critical carbonaceous raw materials, is believed to have expressed its intention to acquire debt laden McLeod Russel. The company is believed to have offered to infuse upfront equity to the tune of ₹300 crore and a debt of ₹950 crore to help resolve McLeod’s outstanding debt, which stands at around ₹1,700 crore, sources said.
The Williamson Magor Group firm, McLeod Russel, touted to be the country’s largest bulk tea producer, had last year dodged the insolvency bullet by clinching a settlement with Techno Electric & Engineering over an inter-corporate deposit of ₹100 crore provided in 2018.
According to sources, Carbon Resources has initiated discussions with McLeod’s lenders for a possible takeover bid amounting close to ₹1,250 crore.
Company clarification
In response to a clarification sought from McLeod on increase in volume of security of the company across exchanges, it said, “The company would like to clarify that there were certain media reports claiming that an entity named Carbon Resources Private Limited (CRPL) has acquired approximately 5.03 per cent of company’s securities from the open market on Friday, 16th September 2022. However, the company has not received any communication or documentation in relation to such acquisition, except for a statutory disclosure from CRPL, under Regulation 29(1) of the Securities and Exchange Board of lndia (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, through email on September 19, 2022 intimating the company regarding the purchase of 52,50,000 (5.03 per cent) equity shares of the company.”
It is to be noted that Eveready Industries India Ltd, a flagship company of the Williamson Magor group, had recently witnessed a change in management with Burmans, the promoters of Dabur India, taking over as promoters of the company. Another group outfit McNally Bharat is also undergoing insolvency proceedings.
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