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McNally Bharat to sell stake in subsidiary

Special Correspondent

In talks with private equity company EIG (Mauritius)

KOLKATA: B. M. Khaitan group company McNally Bharat Engineering Company Ltd (MBE) is now in talks with private equity company EIG (Mauritius) for a stake sale of its subsidiary McNally Sayaji Engineering Ltd (MSEL), company Chairman Dipak Khaitan said.

Mr. Khaitan also indicated that the company was in talks for another acquisition. “We are looking for technology and products and we are looking at Europe,” he said.

Addressing a press conference on the occasion of a Rs. 43.50-crore rights issue (in the ratio of 1:10 at Rs. 140 per share) by McNally Bharat, he said that while EIG was looking for a sizable stake, MBE was not willing to dilute its share to beyond around 67 per cent from the 87 per cent it now holds. In mid-August, EIG had picked up a five per cent stake at Rs. 183 per share. “A board meeting will be held in October to decide how much can be offered,” Mr. Khaitan said. At the same meeting, similar preferential issue to be made to group companies may also be considered.

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