Heard on the Street
The race for acquiring resource-rich Orissa Sponge is expected to intensify. Buzz is that Bhushan Steel, the Neeraj Singhal-controlled firm, will shortly come out with a counter offer.
By Ashish Rukhaiyar & Mahima Puri, ET Bureau |
The race for acquiring resource-rich Orissa Sponge is expected to intensify. Buzz is that Bhushan Steel, the Neeraj Singhal-controlled firm, will shortly come out with a counter offer. While there was no official confirmation from Bhushan Steel, people familiar with the development say that the company would reveal its hand by Saturday, which is also the last day for submitting counter bids for Orissa Sponge. Bhushan Steel���s offer is the third open offer to the minority shareholders of Orissa Sponge, a company jointly promoted by PK Mohanty and Bhubaneshwar-based Ipicol.
Sanjay Singhal-controlled Bhushan Power was the first to come out with an open offer at Rs 300 per share. On Wednesday, Monnet Ispat made an offer for a 20% stake at Rs 310 per share. Bhushan Steel is being advised jointly by IDFC-SSKI and JM Financial for the open offer, which could likely indicate a close fight for Orissa Sponge���s captive coal mines and iron ore mines. It is believed that Monnet Ispat has finalised a deal to buy out IDFC���s 5% stake.
Trading in Orissa Sponge shares was frozen at the upper end of the 5% intra-day circuit filter, after there were no sellers. The stock has nearly trebled over the last one month, and closed at Rs 296.20 on Thursday.
Macquarie shows the door to more staff
Macquarie India is learnt to have laid off three more people from its research team in India last week. The firm���s employees had started facing the axe since November, when at least 10-15 people were asked to leave.
Most of them were from the investment banking team, while a few were from equities research and sales teams. When asked about the layoffs, a Macquarie spokesperson from Hong Kong declined to comment on the subject.
Sanjay Singhal-controlled Bhushan Power was the first to come out with an open offer at Rs 300 per share. On Wednesday, Monnet Ispat made an offer for a 20% stake at Rs 310 per share. Bhushan Steel is being advised jointly by IDFC-SSKI and JM Financial for the open offer, which could likely indicate a close fight for Orissa Sponge���s captive coal mines and iron ore mines. It is believed that Monnet Ispat has finalised a deal to buy out IDFC���s 5% stake.
Trading in Orissa Sponge shares was frozen at the upper end of the 5% intra-day circuit filter, after there were no sellers. The stock has nearly trebled over the last one month, and closed at Rs 296.20 on Thursday.
Macquarie shows the door to more staff
Macquarie India is learnt to have laid off three more people from its research team in India last week. The firm���s employees had started facing the axe since November, when at least 10-15 people were asked to leave.
Most of them were from the investment banking team, while a few were from equities research and sales teams. When asked about the layoffs, a Macquarie spokesperson from Hong Kong declined to comment on the subject.
Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
Bookmark or read stories offline -
Download ET Markets APP
Download ET Markets APP
ADVERTISEMENT
