RSS FeedDaburs Pick Up 11.19 Per Cent In Punjab Tractors For $32.2 Million; May Join Hands With Actis
Wed, 11/30/2005 - 09:35 — Sahad P VDelhi-based Daburs have taken 11.19 per cent stake in Punjab Tractors. The deal size is said to be Rs 144.9 crore ($32.2 Million).
The Burman family, through their investment companies, have bought 6.79 million shares. About 4.4 million shares (forming 7.24 per cent) were acquired on Tuesday from the open market through ACEE Enterprises, one of their investment arms.
The paper reports that Donald Peck of Actis may get a friend in Daburs in his "cold war" against Yash Mahajan, the chairman of Punjab Tractors Ltd, on "corporate governance" issues and so on.
Actis holds 29 per cent in Punjab Tractors but has been able to exert little influence on the management due to the strong opposition from PTL managing director Yash Mahajan. Recently, Donald Peck, the managing partner of Actis quit the PTL board citing violation of corporate governance norms over the sale of the company’s 15 per cent stake in Swaraj Mazda. The reasons behind the Burman family’s move is not known. (Via The Economic Times)
Comments
The Burmans of Dabur have
, December 02, 2005The Burmans of Dabur have been a shrewd and conservative Investment group.
Not many are aware that they have also invested in the Energy sector(in Oil & Gas exploration) in a listed company in India named Interlink Petroleum.
Other companies they are invested in is the AVIVA Insurance venture
Really, I did not know about
, December 02, 2005Really, I did not know about Interlink! However, Aviva is well known. I believe they are also planning to take a stake in Allahabad Bank. Are the Daburs going the way of ADAE (Anil Ambani) and BCCL who have been picking up stakes in companies for investment sake? Interesting to watch this new breed of corporate investors who act more like PE firms.