Andrew Yule expects Rs 200 cr from stake sale

Heavy engineering firm Andrew Yule & Co expects to make more than Rs 200 crore from selling its stake in Dishergarh Power Supply Co, TideWater Oil and Phoenix Yule.

Yule will sell its stakeholdings in the three companies according to its revival package, sources said. While it has 15 per cent in the case of Dishergarh Power Supply Co (DPSC), the company holds 26 per cent stake each in Tidewater and Phoenix Yule.The sources said Andrew Yule has invited expression of interests (EoI) from private parties for selling its 15 per cent stake in DPSC.

Yule had earlier engaged Deloitte and Touche for the divestment process through the open tender route.Going by the enterprise value of DPSC, Andrew Yule is likely to get about Rs 60 crore from the divestment.

While Yule itself holds 7 per cent, two other firms belonging to Andrew Yule control 8 per cent. Sources said as regards Tidewater Oil, Andrew Yule was expected to fetch around Rs 100 crore.