Texmaco Sells 10% Stake in Gobind Sugars
Texmaco Ltd has sold 3.20lakh shares representing 10% stake in Gobind Sugar Mills Ltd in an inter se transfer of shares.
Jalan & Co. bought 2.10lakh shares through Calcutta Stock Exchange for Rs 96.07 lakhs, while Ms Puja Poddar purchased 1.10 lakh shares for Rs 50.32lakhs through an off-market transaction
Texmaco and Gobind Sugars, which were both a part of the K K Birla Group, are now controlled by S K Poddar Group. S K Poddar (who is a relative of K K Birla) took over the companies in September 2008 after the demise of K K Birla.
Texmaco is a diversified engineering company engaged in providing services to core sector projects and process industries within the country and abroad. Its textile machinery division manufactures machinery for textile mills. Its boiler and heavy engineering division manufacturers boilers, super heaters, economizers, chimneys, pressure vessels, bridges and structurals, equipment for chemicals, paper, cement, coke oven and iron and steel factories, coal and other solid material handling and conveying plants, railways, railway rolling stocks. Steel foundry division makes castings for railway equipment, sugar mill machinery etc.
The stake sale is probably a part of the Chairman- S.K. Poddar's plan to steer the company clear of cross holdings.
Also, Texmaco had earlier plans to shift its core business of wagons, steel foundry and the hydro-mechinical equipment divisions to a de-merged entity. The plan has, however, been deferred.
Gobind Sugars is a Kolkata based sugar manufacturing company which is listed on the Calcutta Stock Exchange. It has a capacity of producing 7500 tonnes of sugar per day.
Transaction Reference: Hindu BusinessLine
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KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
|---|---|---|---|---|
| 17/02/10 | Gobind Sugar Mills- Inter se Transfer | M&A | Jalan & Co. | 0.32 |
| Date | Type | Buyer | Target | Size ($mn) | State |
|---|---|---|---|---|---|
| 20/01/12 | IPO / Offerings | Hindusthaan Eco Ventures Limited | - | Planned | |
| 16/01/12 | M&A | Malabar Trading Company Limited | Protect Nature Private Limited | - | Completed |
| 09/01/12 | IPO / Offerings | Octant Industries Limited | 2.48 | Announced | |
| 04/01/12 | IPO / Offerings | Vishwanath Sugar And Steel Industries Limited (Formerly Vishwanath Sugars Limited) | 70.34 | Announced |
Company |
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| Name | Promoters | Office | Competitor | Website |
|---|---|---|---|---|
| Texmaco Limited | K K Birla Group | Belgharia, 24 Paraganas (North) | Thermax Limited | www.texmaco.in |
| Gobind Sugar Mills Limited | K K Birla Group | 9/1 R N Mukherjee Road Kolkata West Bengal 700 001 |
Balrampur Chini Mills Limited Shree Renuka Sugars Limited Bajaj Hindusthan Sugar & Industries Limited |
http://www.birla-sugar.com/gsugar/index.php |
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