praveen
26-11-2007, 05:38 AM
Leading foreign investors - Lehman Brothers, Citigroup, Merrill Lynch, Deutsche Bank and Reliance Capital - have picked up 15% stake in the publicly-listed Nitco Tiles, a leading tile manufacturing firm, for around Rs 170 crore.
The new equity holders will be routing their investment in the company through the qualified institutional investor route, sources close to the development said. The institutional investors are believed to have picked up the stake at Rs 270 per share. When contacted, Nitco Tiles chairman and MD Vivek Talwar declined to comment on the deal.
The Talwar family (promoters of the company) currently controls 47.9% stake in the company while banks, financial institutions and FIIs control around 24% stake. Post-issue, the promoters’ stake in the company will come down to around 45%. Promethean India, part of the UK-based private equity group Promethean, has recently acquired 8% stake in Mumbai-based Nitco Til
The new equity holders will be routing their investment in the company through the qualified institutional investor route, sources close to the development said. The institutional investors are believed to have picked up the stake at Rs 270 per share. When contacted, Nitco Tiles chairman and MD Vivek Talwar declined to comment on the deal.
The Talwar family (promoters of the company) currently controls 47.9% stake in the company while banks, financial institutions and FIIs control around 24% stake. Post-issue, the promoters’ stake in the company will come down to around 45%. Promethean India, part of the UK-based private equity group Promethean, has recently acquired 8% stake in Mumbai-based Nitco Til