Sheth, Dalmia reach settlement on Gesco

By Our Staff Correspondent

MUMBAI, JAN. 8. The Sheth-Mahindra consortium today reached an amicable settlement with the Dalmia Group and under the settlement, Mahindra Realty and Infrastructure Developers Ltd. (MRIDL) purchased the 10.5 per cent shares of the Dalmia Group in Gesco Corporation at a price of Rs. 54 per share on a spot delivery basis.

Consequently, the price payable to shareholders of Gesco under the Sheth Mahindra open offer will now be Rs. 54 per share.

The joint stake of the Sheth-Mahindra consortium now is close to 30 per cent (MRIDL 17 per cent and Sheth 13 per cent). After the open offer, the consortium is expected to have close to 65 per cent of the paid up equity capital of Gesco Corporation.

Send this article to Friends by E-Mail

Section  : Business
Previous : ICE stocks turn weak on heavy selling
Next     : Value of diversified MF portfolios stressed