The Hindu : Blue Star to sell shares of Yokogawa to JV partner

Online edition of India's National Newspaper
Friday, Mar 28, 2003

Business

Business

Blue Star to sell shares of Yokogawa to JV partner

MUMBAI MARCH 27 . Blue Star will sell 24.98 lakh equity shares held in Yokogawa Blue Star to the latter's joint venture partner, the Japan-based Yokogawa Electric Corporation, at Rs. 67 per share aggregating Rs. 16.74 crores.

This sale would be subject to necessary approvals being obtained from the Central Government and other authorities by the parties concerned, Blue Star informed the Bombay Stock Exchange today after its board approved the divestment.

The scrip of Yokogawa Blue Star, which provides enterprise technology solutions and has an engineering and manufacturing centre in Bangalore, closed at Rs. 51.85 on the National Stock Exchange yesterday. According to shareholding data filed with the Bombay Stock Exchange, as on December 31, 2002, Yogokawa held 40 per cent stake in the JV while Blue Star's stake stood at around 28 per cent.

Banks, financial institutions and insurance companies held 5.44 per cent stake.

The public holding was at 21.10 per cent.

The equity capital base of Yokogawa Blue Star was Rs. 8.75 crores.

The net profit and sales for the nine months ended December 2002 stood at Rs. 2.34 crores (net loss of Rs. 1.97 crores for April-December 2001) and Rs. 86.44 crores (Rs. 90.43 crores) respectively.

PTI

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