Vijay Sheth-promoted Great Offshore (GOL) is close to taking over a Scandinavian offshore company for around $500 million. The move, which comes close on the heels of his takeover of GOL from his cousins a month ago, is aimed at making the company an international player in the offshore space.
The cross-border deal, being co-ordinated by Motilal Oswal, is expected to close in 2-3 weeks.Sources close to the deal said the Scandinavian company owns two jack-up rigs and that GOL is in the final stages of due diligence.
The GOL board, which met on July 30, discussed various fund-raising options ahead of the takeover. The sources said the boad has cleared a proposal to issue foreign currency convertible bonds (FCCBs) worth $40 million.
GOL has also increased the FII investment limit from 24% to 49%. For this, the company could take the portfolio investment route or any other permissible mode. GOL recently issued 1.5 million redeemable optionally-convertible preference shares into equity at Rs 875 to the Exim Bank of India for about Rs 130 crore. A couple of weeks ago, the Carlyle group had picked up around 5% stake in GOL for around Rs 165 crore.
Read more in The Economic Times article.
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