Welspun Gujarat has okayed the acquisition of MSK Projects, reports CNBC-TV18. It plans to acquire 75% stake in the latter. The deal size is Rs 400 crore, and this is to be funded entirely through internal accruals.
Welspun Infratech, a 100% subsidiary of Welspun Gujarat Stahl Rohren and part of the USD 3 billion Welspun group, has signed an agreement to acquire a majority stake in construction major MSK Projects India.
Welspun targets to acquire about 75% stake through a combination of share purchases from promoters, associates, investors, preferential allotment and open offer. The company plans to make a mandatory open offer to the shareholders of MSK Projects.
Commenting on the same, BK Goenka, CMD, Welspun Group, said, "We have a proposal to go ahead with 65% to 75% stake. All depends on how much we get in the open offer. With promoters and full allotment, we will be above 55% once everything is clear as per SEBI norms."
In a block deal yesterday, 31 lakh MSK Projects shares changed hands on the BSE at Rs 130.50 per share. Nearly 14.99% of MSK Projects' equity changed hands.
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