Business Daily from THE HINDU group of publications
Sunday, Jun 29, 2008
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Business Daily from THE HINDU group of publications Sunday, Jun 29, 2008 ePaper | Mobile/PDA Version | Audio |
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Mergers & Acquisitions Marketing - Retailing Money & Banking - NBFCs Subhiksha buys listed NBFC Our Bureau
Chennai, June 28 Subhiksha Trading Services Ltd, the closely held company that runs the country’s largest food and grocery discount retail chain branded Subhiksha, has acquired a majority stake in a Chennai-based listed entity, Blue Green Constructions and Investments Ltd. The boards of the companies are to meet on Monday to consider a merger and share swap ratio. According to Mr R. Subramanian, promoter of Subhiksha, the combined entity will be called Subhiksha Ltd and is expected to be listed on the National Stock Exchange and Bombay Stock Exchange. According to sources, Subhiksha will be merged into Blue Green, which is a reverse merger, and this will essentially help unlisted Subhiksha get listed, bypassing the normal process. Subhiksha had earlier announced plans for an initial public offering, though it had not indicated a date for it. Blue Green Constructions, an NBFC (non-banking finance company), is listed on the Madras Stock Exchange. On why Subhiksha acquired an NBFC, Mr Subramanian said Blue Green also had plans to get into the retail business and also identified some retail space for the purpose. “This will give us easy access to additional capital, enabling us to hasten our expansion process,” he said. Subhiksha has acquired 40 per cent stake of the Rs 5-crore paid-up capital of Blue Green from its promoters at par. This will also trigger an open offer. Post-acquisition, the promoters of Blue Green will continue to hold 27 per cent stake. Subhiksha plans IPO this year More Stories on : Mergers & Acquisitions | Retailing | NBFCs
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