India Digest: Sun Pharma hiking stake in arm; ABG Shipyard & Pawan Hans sale

Sun Pharmaceuticals will acquire an additional 8.3 per cent stake in its arm Rabaxy Malaysia while buyers like Shapoorji Pallonji, Liberty House, Mahindra & Mahindra are in race to buy ABG Shipyard. Also, the government is selling stake in Pawan Hans helicopter company.

Sun Pharma to hike stake in Malaysian arm

Sun Pharmaceuticals Industries will acquire an additional 8.3 per cent stake in its arm Rabaxy Malaysia for MYR 2.8 million ($678,000), Sun Pharma said.

With this, Sun Pharma’s stake in the company will increase to 79.5 per cent, according to a stock market disclosure. For the quarter ended June 30, 2017, Sun Pharma had a total revenue of Rs 1,802.52 crore and net loss was Rs 1,290.99 crore.

Shapoorji Pallonji, Liberty House, M&M compete to buy ABG Shipyard

Buyers like Mahindra & Mahindra (M&M), Shapoorji Pallonji Group and Liberty House, UK are in the race to acquire ABG Shipyard, with their offers ranging from Rs 3,000-3,500 crore.

 “A consortium of lenders led by ICICI Bank increased efforts to sell the debt-laden company to recover money at around 70 per cent haircut,” according to an Economic Times article.

ABG Shipyard Ltd, the flagship company of ABG group, was incorporated in 1985 as Magdalla Shipyard Pvt Ltd for shipbuilding and ship repair business. The company has a total outstanding debt of around Rs 16,400 crore to 22 lenders.

Govt selling stake in helicopter service operator Pawan Hans

The government is selling its 51 per cent stake in helicopter service operator Pawan Hans including the management control.

It has invited private companies including foreign ones to bid, PTI reported.

According to the report, the department of investment and public asset management has already lined up a host of PSUs for strategic disinvestment. While expression of interest (EoI) from bidders was sought for four PSUs on Friday, the same for Pawan Hans was issued.

The remaining 49 per cent stake of Pawan Hans is held by Oil and Natural Gas Corp Ltd (ONGC).

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