KSK Energy makes open offer to buy 20% of KSK Ventures

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KSK Energy makes open offer to buy 20% of KSK Ventures

KSK Energy has made an open offer to acquire 20% stake at Rs 125 per share of KSK Energy Ventures., reports CNBC-TV18’s Nimesh shah.

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Excerpts from Power Breakfast on CNBC-TV18 Watch the full show » KSK Energy Vent BSE | NSE 30/05/12 Are Mutual Funds betting on KSK Energy Vent?

KSK Energy has made an open offer to acquire 20% stake at Rs 125 per share of KSK Energy Ventures , reports CNBC-TV18's Nimesh Shah.

KSK Energy promoters hold 54.9% stake in the company. So post open offer, promoter holding stake in the company will increase upto 75%. LB Holding Mauritius, an associate company of Lehman Brothers hold 20% stake in the KSK Energy. There was a lock in shares of close to 12.23% stake between LB Holding Mauritius and promoters of KSK Energy. This was agreed upon in 2008 and now the promoters of KSK Energy want to offer an exit option to Lehman Brothers.

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Investment bankers say that this open offer is voluntary and an exit option for Lehman Brothers. As part of the agreement, Lehman Brothers will sell 2.85% stake before May 31 which will not be tendered in the open offer.

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