SREI Infra owns around 49 lakh USL shares through its venture fund.
The USL shares are being held as security against the Kingfisher loan.
Hemant Kanoria
CMD
SREI Infra
Diageo's recent open offer for United Spirits (USL) is likely to benefit the investors of SREI Venture Fund, instead of the listed entity – SREI Infrastructure .
SREI Infra owns USL shares through its venture fund, wherein the parent company holds around 45-50 percent. The fund is managed by independent trustees.
It may be recalled that ICICI Bank in July 2012 had sold its Rs 430-crore debt of Kingfisher Airlines to this fund, which in turn received around 49 lakh shares in USL as collateral.
SREI did not tender the earlier open offer. Now, in the second round, at a price of Rs 3030, the 49 lakh shares are worth Rs 1,484.7 crore.
Speaking to CNBC-TV18's Latha Venkatesh and Sonia Shenoy, Hemant Kanoria, CMD, SREI Infra, said the trustees so far haven't decided on tendering the open offer.
The company had applied for bank licence but is yet to receive communication from RBI.
Below is the transcript of Hemant Kanoria's interview to CNBC-TV18's Latha Venkatesh and Sonia Shenoy
Latha: Does the listed SREI Infra benefit at all from the rise in United Spirits (USL) shares or that big open offer? If you do tender in does the listed SREI benefit?
A: As a matter of fact what happens is that unfortunately the share prices of SREI since last couple of years because of infrastructure and because people thought that we have invested in the debt fund which holds the stock of USL through the loan of Kingfisher, the prices had come down. So there is a correction which is happening in the stocks of SREI as people are realizing that there was no mistake which was done by the organization in taking over that particular loan along with the securities of shares, also the investments etc which has been done in the infrastructure. So it is not that the prices of SREI are increasing, it is just that the market correction is taking place.
Latha: Who owns those USL shares, the loan given to Kingfisher which got converted into USL shares, who owns those shares, listed SREI Infrastructure or a debt fund over which SREI Infra has no P&L or balance sheet benefits?
A: SREI Infra has also made some investments in the debt fund and the debt fund is managed by independent trustees and as a matter of fact just to make a correction that the Kingfisher loan has not been converted into USL shares. The USL shares are being held as security against the Kingfisher loan.
United Spirits stock price
On April 17, 2014, at 11:13 hrs United Spirits was quoting at Rs 2859.95, down Rs 11.5, or 0.4 percent. The 52-week high of the share was Rs 2940.55 and the 52-week low was Rs 1976.80.
The company's trailing 12-month (TTM) EPS was at Rs 22.94 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 124.67. The latest book value of the company is Rs 440.83 per share. At current value, the price-to-book value of the company is 6.49.
Anda sedang membaca artikel tentang
Haven't yet decided on selling USL shares: SREI Infra
Dengan url
https://olahragakecantikan.blogspot.com/2014/04/havent-yet-decided-on-selling-usl.html
Anda boleh menyebar luaskannya atau mengcopy paste-nya
Haven't yet decided on selling USL shares: SREI Infra
namun jangan lupa untuk meletakkan link
Haven't yet decided on selling USL shares: SREI Infra
sebagai sumbernya
0 komentar:
Posting Komentar