|
| ICICI Venture to pull out of Transafe |
| Press Trust of India / Kolkata Sep 08, 2009, 16:36 IST |
|
ICICI Venture is going to sell off its entire 50 per cent stake in logistics solutions provider Transafe Services, a Balmer Lawrie group company, to Balmer Lawrie-Van Leer (BLVL).
A source close to the development told PTI that ICICI Venture had been planning to make an exit from Transafe for some time.
He said ICICI Venture and the other promoter Balmer Lawrie, which holds the remaining 50 per cent, had struck a deal through which the former's stake had been transferred to BLVL.
The source said ICICI Venture had paid Rs 16 per share for Transafe. However, the book value per share of Transafe was Rs 19.
Transafe has a paid-up equity base of Rs 22.7 crore.
Meanwhile, Transafe was also gearing up to enter the capital market with an IPO to part fund its expansion plans and to retire debt.
The source said the company had appointed merchant banker IDFC-SSKI for this purpose.
According to him, the Transafe board would take a call some time in October. Following the approval of the board, Transafe would file DRHP with Sebi.
|
|
|
|
|
|
|
|
|
|
 Read Business news in |  |
|
|
|
|
|
|
Advertisements |
|
|
|
|
|
|
|
|
|
|
Content Guide
