OCL Iron And Steel Promoter's Sell 51% Stake
OCL Iron and Steel Ltd's promoters have sold 67.92mn shares in the company, representing 51% stake, for Rs 142.65cr ( at Rs 21 per share) to Garima Buildprop Pvt Ltd.
Ragu Hari Dalmia and R H Damia Trust were the sellers. However, there will not be any open offer as the buyer had already made an open offer earlier.
Garima Buildprop, along with Gateway Impex which made open offer for acquiring 26.8 mn equity shares (or 20%) of the company, had acquired 20.6mn shares, representing 15.4% at a price of Rs 21 per share.
Garima Buildprop had aquired 10% in OCL Iron and Steel in June 2009 after which it made an open offer. ICICI Securities Ltd was the manager to the offer. The two buyers now own about 76% of OCL Iron.
On Feb 15, Shri Kailash Kumar Agrawal had resigned from the post of CFO of OCL Iron and Steel Ltd.
OCL Iron and Steel Limited, based in Rajgangpur in the eastern state of Orissa, manufactures and sells steel billets and sponge iron products in India. The company has captive iron and coal mines of around 5 mn tonnes and 20 mn tonnes respectively. It has a sponge unit with 20,000 tonne annual capacity and a 14 Mw power plant, working on waste heat produced by the plant.
Garima is a wholly owned subsidiary of Gateway Impex Private Limited. The directors of Garima, Anjali Malhotra and Aarti Jain, are relatives of Arvind Dham who is the founder of Amtek Auto. Last year, BS had reported that Amtek Auto was in talks to acquire OCL Iron and Steel through an SPV, which would be funded party funded by promoters as well as Amtek Auto.
Transaction Reference: BS
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KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
|---|---|---|---|---|
| 17/02/10 | OCL Iron and Steel- Garima Buildprop | M&A | Garima Buildprop Private Limited | 40.00 |
| Date | Type | Buyer | Target | Size ($mn) | State |
|---|---|---|---|---|---|
| 06/02/12 | M&A | Looking For | VRL Cement Limited | - | Planned |
| 03/02/12 | Private Equity | Emerging Markets Management LLC | Sintex Industries Limited | 2.97 | Completed |
| 02/02/12 | M&A | Binani Industries Limited | 3B - The Fibreglass Company | 362.00 | Completed |
| 16/01/12 | M&A | Dalmia Bharat Sugar and Industries Limited (Dalmia Cement Bharat Ltd) | Calcom Cement India Limited | 46.03 | Announced |
Company |
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| Name | Promoters | Office | Competitor | Website |
|---|---|---|---|---|
| OCL Iron and Steel Limited | Garima Buildprop Private Limited | Vill. lamloi, PO. Garvana |
Sponge Iron India Limited Tata Steel Limited Rashtriya Ispat Nigam Limited Ramsarup Industries Limited Mittal Corp Limited |
www.oclsteel.in |
| Garima Buildprop Private Limited | Gateway Impex Private Limited | Lotus Tower, Community Centre, New Friends Colony, New Delhi-110065 Delhi. |
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