Aban Loyd buys stake in Hitech Drilling

By Our Special Correspondent

MUMBAI, MARCH 20. Aban Loyd Chiles Offshore, the flagship company of the Aban group, has acquired 22.5 per cent controlling stake in Hitech Drilling Services India (HDSIL), held by Tata Industries at a price for Rs. 92 per share for Rs. 42 crores.

The Chennai-based Aban is to make an open offer for the remaining 77.5 per cent stake in HDSIL for the same price as per the agreement signed between Tata Industries and Aban, according to a press release issued jointly by Tata Industries and Aban Loyd.

The Tata group holds 43.5 per cent stake in HDSIL; Tata Industries 22.5 per cent and other Tata companies 21 per cent.

The acquisition was advised by DSP Merrill Lynch Ltd and is financed by ICICI. DSP Merrill Lynch will act as manager to the open offer and I-Sec, ICICI's investment banking arm will be the advisor to the offer.

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Section  : Business
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