The Dalmia Renaissance

The group is carefully preparing the ground to ward off the Gesco-Mahindra counter-offer, says Bhupesh Bhandari

It was afternoon on November 7 and things were going on at their usual unhurried pace in New Delhi. But not for the A H Dalmia family, which has mounted a hostile takeover bid for the Mumbai-based Gesco Corporation. Already sitting on a 10.4 per cent stake of the company, group company Renaissance Estates Ltd had made an open offer for another 45 per cent shares of Gesco Corporation.

The day before, the Sheths of Gesco Corporation had announced that they were joining hands with the Mahindras to make a counter offer. The next day, the duo promptly announced a counter offer price for 33.5 per cent of the company