Venture Capital
Private Equity

Mergers & Acquisitions | 1 August 2008

Dhoots pick up 14% in IOL Netcom

by Kunal Thakkar
Dhoots pick up 14% in IOL Netcom
Share on Social Media Email Facebook Twitter Linkedin

Promoters of Videocon group, the Dhoot family, picked up 14% stake in Mumbai based broadband service provider, IOL Netcom through secondary market transactions.

In the last couple of months, the investment vehicle of the Dhoot family, Shree Dhoot Trading & Agencies Ltd, has mopped up 11.7% stake in the company through open market purchases. In addition to this, the Videocon group company, Videocon Realty & Infrastructure already holds 1.97% in IOL Netcom.

According to market information, Videocon is planning to take over the mumbai based broadband service provide and this move is a part of the overall game plan.

It is also rumoured that Videocon has already hired advisors to carry out negotiations on their behalf to gain management control in the company.

Videocon, which is planning a nationwide launch of its Direct to Home (DTH) services by the end of this year sees significant strategic synegies with IOL's business and hence is keen on this acquisition.

When contacted, Mr Srivastava, President of IOL Netcom, said that the share purchase by Videocon is not seen as a hostile bid by Netcom, even though there was no understanding between the two companies on the transaction.

IOL's share price has plunged from a high if Rs 580 in August last year to the current levels of Rs 76-77. The company reported a net loss of Rs 2.14 crore on a revenue base of Rs 2.19 crore for the year ended March 31, 2008.

Source: ET

Strides completes 50.1% acquisition of Australian Ascent Pharmahealth

Strides completes 50.1% acquisition of Australian Ascent Pharmahealth

Strides Arcolab has completed acquisition of 50.1% stake in Australia stock exchange listed firm Ascent Pharmahealth, emerging as fourth largest generic firm in that country. The company at final closing in September '08 would own ...


Tata AutoComp Forms JV With Katcon Global

Tata AutoComp Forms JV With Katcon Global

Tata AutoComp Systems Limited, an auto component products and services provider is forming an equal JV with Mexico based Katcon Global to provide exhaust systems for the Indian automotive market.

DealCurry Timeline
TL Home Search New Keet
A 314, 3rd Floor, AntopHill Warehousing Company,
Near Dosti Acres
Mumbai 400037
Copyright © EagleEye Research & Media Pvt. Ltd. 2009 All Rights Reserved - Interactive multimedia analysis platform for financial markets.
Site map |Terms of Use |Privacy Policy
DealCurry tracks financial and corporate markets for events, interprets and integrates the information in our platform, providing premium data, news and analytics. DealCurry provides comprehensive coverage of the capital markets through an intuitive, user-friendly interface.