Kazakh firm makes open offer for 20 pc stake in Petron

MUMBAI: Kazakhstan-based oil and gas services firm KazStroyService Plc has made an open offer to shareholders of Petron Engineering for acquiring a 20 per cent stake in the latter for Rs 27.13 crore.

The offer is to acquire 1,507,680 fully paid up equity shares, representing 20 per cent of the outstanding equity shares (with voting rights) at Rs 180 each, Petron Engineering told the BSE today.

The offer would open on August 14 and would close on September 3, it added.

On June 19, promoters of Petron Engineering Construction had said that they have decided to sell their controlling stake to a Kazakh firm for an undisclosed amount.

KazStroyServices Plc, bought the stake from Petron Investments, the holding company of Petron Engineering with 52.22 per cent stake.

"If the sale or transfer of the shareholding gets the requisite approvals, it would lead to the change in control or re-structuring in the company after the consummation of acquisition leading to indirect acquisition," Petron Engineering had said.

Shares of Petron Engineering closed at Rs 185.25, down 2.06 per cent on the BSE.