Andrew Yule to open DPSC disinvestment bid March 10March 5th, 2009 - 9:55 pm ICT by IANS
Kolkata, March 5 (IANS) Public sector heavy engineering firm Andrew Yule and Co. Ltd will open financial bids for disinvestment of group company DPSC Ltd March 10, a top official said here Thursday.
“The Kolkata High Court has okayed stake sale in DPSC today (Thursday), so we are going ahead with the disinvestment process on Tuesday,” company chairman and managing director Kallol Datta told reporters.
The name of the winning bidder would be announced on the same day, he said.
Andrew Yule’s move to sell stake in DPSC had run into troubles earlier when Descon Ltd, which holds 32.31 percent stake in DPSC, moved the Company Law Board (CLB) to halt the disinvestment.
A top official of Descon said the company management could still approach the CLB to stop the disinvestment process.
“Though the high court has said the disinvestment process can go on, it can still be stopped,” the official said.
Andrew Yule and its group companies along with United India Insurance Co. Ltd and Life Insurance Corp of India jointly hold 57.17 percent of the equity capital in DPSC, which is being offered for sale.
Datta said Tata Power Co. Ltd, Reliance Infrastructure Ltd, JSW Energy Ltd, CESC Ltd, Coal India Ltd, Kalpataru Power Transmission Ltd, Srei Infrastructure Finance Ltd, Jai Balaji Industries, Torrent Power Ltd, Karvy Stock Broking Ltd and Quippo Infrastructure Ltd are some of the major companies that have shown interest in DPSC.
“There shall be no restrain or injunction against the disinvestment process and parties shall be free to continue the bidding process,” Datta read out the court order.