12,292.75-59.6
Stock Analysis, IPO, Mutual Funds, Bonds & More

France-based Bourbon may buy stake in India's Global Offshore

India Star, which holds 29.4% in Global Offshore, has been negotiating the deal for several months now, three people familiar with the deal said.

, ET Bureau|
Updated: May 29, 2015, 10.47 AM IST
0Comments
India Star, which holds 29.4% in Global Offshore, has been negotiating the deal for several months now, three people familiar with the deal said.
India Star, which holds 29.4% in Global Offshore, has been negotiating the deal for several months now, three people familiar with the deal said.
MUMBAI: India Star Fund, part of US based global investment firm Sycamore Ventures, is likely to exit its holding in India's Global Offshore (formally known as Garware Offshore).France-based Bourbon Offshore, that provides vessel service for offshore oil and natural gas platforms and wind farms to 45 countries, may buy a sizeable stake that will be up for sale.

India Star, which holds 29.4% in Global Offshore, has been negotiating the deal for several months now, three people familiar with the deal said, and Global Offshore's share price has more than doubled in the past one year on sale buzz.

India Star had bought 2.1 million shares, or 12.6% stake, in Global Off . 110 share and later raised its shore for ` stake to over 15% after converting Rs 25 crore fully convertible debentures to equity shares. The fund later made an open offer at Rs 230 a share, taking its total holding in Global Offshore to 29%.

India Star's deadline for closure of its fund falls in July this year. The fund was launched in December 2005 for seven years, and has already extended its deadline twice.

Another high-net worth investor in Global Offshore, Manoj Mittal has teamed up with India Star to sell his stake -he directly owns 2.5% -in the company. Both investors may close their deal with Bourbon by the end of July , people familiar with the matter said.The share price of Global Offshore closed at Rs 658 on Thursday , up 2.74%, Rs 1,627 crore.while its market cap stood at ` An email sent to Ravi Pratap Singh of India Star Mauritius and Sycamore Ventures did not elicit any response.

Mittal responded by saying that he would sell if the price was right, but did not elaborate on the deal, while Bourbon said the company does not comment on market rumours. India Star had earlier approached Germany's DVB Bank but the deal may have got stuck over valuations. DVB Bank had bought 31% stake in Global Offshore's Dutch subsidiary Global Offshore Services BV in 2012 for Rs 77 crore.

Bourbon's chairman Jacques de Chateauvieux had recently announced that he was actively looking for forging partnerships in Asia, and India may have been on its radar since the government is launching a mega deep-sea exploration contract for oil and gas wells before the end of this year.

At the end of March quarter, promoter holding in Global Offshore, led by Aditya Garware, stood at 33.35%. Garware Marine is one of the largest shareholders in Global Offshore.
Comments
Add Your Comments
Commenting feature is disabled in your country/region.

Other useful Links


Copyright © 2020 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service