Tide Water Oil FPO after government confirms Andrew Yule stake
September 3rd, 2010 - 5:44 pm ICT by IANSKolkata, Sep 3 (IANS) Tide Water Oil Co (India) would decide on a follow-on public offer (FPO) only after the government formally confirms that the state-owned Andrew Yule & Co will not divest its 26 percent stake in the company, a top official said here Friday.
“The disinvestment of Andrew Yule’s stake in Tide Water was a cabinet decision, so the government needs to formally accept the proposal to drop it, and unless that happens, we can’t dilute the Andrew Yule’s 26.22 percent stake by going for an FPO,” Kallol Datta, chairman of both the companies, told reporters here.
Andrew Yule’s board had earlier recommended the government not to disinvest a combined stake of 42 percent held by it along with a clutch of financial institutions in its arm, Tide Water.
Tide Water Oil plans to raise money through the FPO to fund its plans for diversification, including venturing into “refining” business, Datta said after the annual general meeting of the company.
He, however, declined to divulge any details.
“What we are planning is not large-scale refining done by the oil companies but something quite different,” Datta said.
At present, the company’s lubricant making capacity is 92,500 kilolitre (kl) per annum, which would be raised to over 1 million kl by end-2011-12.
Tidewater has brands like Veedol for two-wheeler and truck tyres and Blue Blood for cars.
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- Andrew Yule sells stake in Phoenix - Dec 10, 2009
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- Andrew Yule, others offload stake in power utility - Nov 20, 2009
- ONGC to start two petrochemical projects by 2013 - Aug 30, 2011
- BHEL FPO on hold, profit rises 14.3 percent in 2011-12 - Apr 03, 2012
- ONGC likely to divest five percent by March 2011 - Nov 18, 2010
- Srei consortium buys majority stake in DPSC (Lead) - Nov 20, 2009
- Shipping Corporation expects to file DRHP this quarter - Oct 06, 2010
- Andrew Yule to open DPSC disinvestment bid March 10 - Mar 05, 2009
- EGoM fails to decide on ONGC, BHEL stake sales - Feb 15, 2012
- Andrew Yule repays Rs.65.26 crore government loan - Feb 03, 2010
- Government approves direct jet fuel import, Air India debt plan (Lead) - Feb 07, 2012
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