The RPG group today exited Bayer India Ltd by selling its stake in the company to some of the institutional investors through a negotiated deal. The RPG move is in line with the McKinsey recommendations asking it to shed non-core businesses and concentrate on its core competencies such as tyres, power and telecom. Sources said the Goenkas have sold their 7 per cent stake, 1.19 lakh shares in the company at a price of Rs. 1,530 per share in a trade to trade segment at the National Stock Exchange (NSE). The German parent of the company already holds about 51 per cent stake in the Indian subsidiary.
Buyback, takeover offers mutually exclusive: Panel
Buyback and takeover offers are mutually exclusive and any buyback offer made when a takeover is in progress will not be considered as a competitive bid, according to the Bhagwati Committee on takeover code. The committee, which met here today, will suggest amendments to SEBI's takeover regulations in the light of the recent buyback regulations. According to the committee, the definition of the term "acquirer" in the takeover regulations will exclude a company making an offer for buyback as per the buyback regulations, the committee has decided.
15 blocks under NELP planned
The Centre proposes to offer 15 new blocks under the proposed New Exploration and Licensing Policy (NELP), thereby casting aside apprehensions expressed by private sector oil companies that the blocks to be offered are old and have been offered earlier. It is also proposed that financial incentives offered under the NELP would be extended to coal bed methane (CBM) exploration as well.