Archive for tag: Equity Stake

Aqua Logistics to consider stock-split & fund raising

29 June, 2010 (08:56) | Songs and Music, Stocks & Mutual Funds | By: Prajapati Vijay

Aqua Logistics, India’s foremost global logistics and supply chain partner providing end-to-end solution in the logistics and supply chain domain, today announced that company’s board will meet on June 28, 2010 to consider sub-division of company’s equity shares, subject to approval of shareholders. Further, the company will also seek shareholders approval to raise US$ 70 million through various options including Global Depository Receipts (GDR) or / American Depository Receipts (ADR), QIP / QIB, FCCB.

Recently, the company completed acquisition of three Hong Kong-based companies - CIT Logistics, TAG Logistics and AGI Logistics through its wholly-owned subsidiary Aqua Logistics HK. CIT Logistics is an integrated logistics company while TAG Logistics provides hub distributions through its closely related custom bonded warehouses. AGI Logistics provides supply chain management solutions, contract logistics services and international forwarding services. Aqua Logistics has initially acquired a majority stake of 60% shareholding in the three companies for a total consideration of $7.09 million. Aqua will acquire additional 15% equity stake spread over a 5-year period.

Source: India Infoline Ltd

Tags: , , , , , , , , , , , , , , , , , , , | No comments

Coal India IPO Delayed; To Hit Market by August-September

3 June, 2010 (05:49) | Songs and Music, Stocks & Mutual Funds | By: Prajapati Vijay

India's leading public sector coal miner, Coal India Ltd's proposed initial public offer for sale of equity shares is likely to hit the market in September.

Minister of State for Coal Sriprakash Jaiswal was quoted saying that the mandatory approval from the Cabinet for the state-run company's proposed IPO is expected within a few weeks.

Coal India will file the draft red herring prospectus with the regulator Securities and Exchange Board of India for the IPO in June, he said.

Government proposes to sell 10% of its equity stake in the state-run Coal India Ltd through the IPO and keep the proceeds. It hopes to raise Rs 120 billion via the proposed stake sale, the company's Chairman and Managing Director Partha Bhattacharya had said earlier this year.

Coal India, the virtual monopoly coal producer in India, will not issue fresh equity shares to raise money for itself in the proposed IPO as it has sufficient cash balance of Rs 300 billion available with it, he had said.

Government's 10% share sale will include sale of 1% equity shares to the company employees at 5% discount on the sale price.

Coal India has about 400,000 employees, almost all of whom are employed with the subsidiary companies, with only about 5,000 people employed with the parent company.

Source: commodityonline.com

Tags: , , , , , , , , , , , , , , , , , , , | No comments