19th Jun 2015 10:31
LONDON (Alliance News) - A consortium led by Raju Shukla, the former head of Barclays Capital India, is offering to buy the shares it doesn't already own in Eredene Capital Ltd in a deal valuing the Indian infrastructure investment company at GBP11.9 million.
Shukla, who sits on the board of Eredene Capital, owns the majority of Ocean Dial Investment Company (Singapore) Private Ltd, the owner of Ocean Dial Asset Management Ltd, which is responsible for managing Eredene. He personally owns 26.85% of Eredene Capital.
Together with other investors, Shukla has extended his investment to a level that means he controls 53.64% of Eredene Capital as part of a concert party, meaning an offer must be made to other shareholders.
The mandatory offer was prompted because Eden Investment Holding Company Pte Ltd, a company representing Shukla, six other investors and Ocean Dial Investment Company (Singapore) Private, agreed on Thursday to buy a 21.19% stake in Eredene from self-managed investment trust Caledonia Investments PLC and a 5.15% stake from Ornaisons Foundation, both at 5.5 pence per share.
Eredene's independent directors have recommended that other shareholders accept the extended 5.5p offer.
Eredene Capital delisted from AIM on December 11, 2014, subsequently becoming a private company.
"We are pleased to offer an opportunity to existing shareholders to monetise their investment in the company post the delisting of its shares from AIM. Given our long term investment outlook for India, this transaction fits in well with our investment strategy and allows us to participate in Indian infrastructure growth over the medium term," Shukla said in a statement.
Eredene also said Friday it sold its 50% stake in Apeejay Infra-Logistics Private Ltd to its partner in the joint venture Kolkata-based Apeejay Shipping Ltd. Apeejay Infra-Logistics has two logistics parks at Haldia and Kalinganagar in India.
By Samuel Agini; [email protected]; @samuelagini
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Caledonia