Heard on the Street: Essar ports up on buzz company may sell shares to PE Funds
The buzz is that the Ruia family-promoted Essar Ports is in talks with some private equity funds to sell around 2 to 3 crore shares in the next few weeks.
By ET Bureau | Updated:
Shares of Essar Ports rose 1% to Rs 90 on Monday amid buzz the company is in talks to raise more money by selling a stake after a recent share sale to Belgian company Port of Antwerp International .
The buzz is that the Ruia family-promoted Essar Ports is in talks with some private equity funds to sell around 2 to 3 crore shares in the next few weeks.
A fund belonging to a private bank is said to be in talks to buy the stake, which may be sold between Rs 100 and Rs 110 a piece.
A stake sale will help the company to increase its public holding to around 25% level. Essar Ports denied it plans to sell the stake. Some days ago, Port of Antwerp infused Rs 175 crore in Essar Ports at Rs 100 per share, resulting in promoters’ stake going down from around 84% to 80%.
Contributed by Apurv Gupta
The buzz is that the Ruia family-promoted Essar Ports is in talks with some private equity funds to sell around 2 to 3 crore shares in the next few weeks.
A fund belonging to a private bank is said to be in talks to buy the stake, which may be sold between Rs 100 and Rs 110 a piece.
A stake sale will help the company to increase its public holding to around 25% level. Essar Ports denied it plans to sell the stake. Some days ago, Port of Antwerp infused Rs 175 crore in Essar Ports at Rs 100 per share, resulting in promoters’ stake going down from around 84% to 80%.
Contributed by Apurv Gupta
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