Gremach Infra to venture into oil & gas rigs: Srcs

33404 Investors following Aban Offshore. Share this News with them.

0

Like this story, share it with millions of investors on M3

Gremach Infra to venture into oil & gas rigs: Srcs

Sources tell CNBC-TV18 that Gremach Infrastructure is likely to venture into oil and gas rigs.

Post your opinion here

 

0

Tweet

Share on Tumblr

Excerpts from Markets Midday on CNBC-TV18 Watch the full show » ALSO READ See latest News about Aban Offshore See previous management interviews See what other Experts & Brokerages are saying about Aban Offshore Aban Offshore BSE | NSE 25/05/12 Are Mutual Funds betting on Aban Offshore? Other Stocks in this news Sancia Global Infraprojects | Jindal Drilling Industries | Mercator |

Sources tell CNBC-TV18 that Gremach Infrastructure is likely to venture into oil and gas rigs.

Sources said that Gremach Infra is likely to venture majorly into the rig business and may form a 100% subsidiary called Gremach Energy.

They may place 15-25% equity in Gremach Energy to PE player. The move is in line with others like Aban  Offhore, Mercator Lines and Jindal Drilling .

The announcement is expected in the next month.

The management of Gremach Infrastructure said that the plans are at a final stage and they are talking to various players.

Sources added that the company has ordered one on-shore rig and it will be delivered in five months. They are planning to order for four more rigs in the next five months.

They will use USD 50 million for the oil and gas business out of the proposed USD 75 million FCCB issue and will raise another USD 200 million via debt.

The Gremach Infrastructure Board has approved raising upto Rs 1,000 crore of money via debt/ equity. The issue of FCCBs is upto USD 75 million.

The market cap of the company is around Rs 300 crore.

CNBC-TV18 Disclaimer

This information is source-based and has not been provided to the stock-exchanges.