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June 16, 2001
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Money > Business Headlines > Report June 16, 2001 |
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Damanis won't sell stake in VST to BATArijit De & Baburajan K The Damanis, understood to have received a lukewarm response to their open offer for VST Industries, have said they will not sell out to BAT Plc. The British tobacco major, the largest shareholder in VST, has announced its intention to hike its stake and has received the support from the board of its Indian associate. "Our long-term plan is to continue as a strategic investor in VST alongside BAT," John Band, CEO of ASK Raymond James, advisor to the Damanis, said. "We welcome a move by any investor to hike stake in VST provided it improves shareholder return, as that is our long-term objective," Band said. Bright Star, which had around 16 per cent, has further increased its stake in VST via the open offer which closed on June 13. If the Andhra Pradesh high court, which is slated to take up the case on Monday, vacates the present stay order, both Russell Credit and Bright Star may get some more time for the open offer. Leading FIs, including GIC, LIC and UTI, which did not sell their shares via the offer, may take a final decision after the court hearing on Monday. Interestingly, the representative of FIs did not attend the VST board meet on June 14 to approve the move by BAT to increase its stake. Powered by YOU MAY ALSO WANT TO READ:
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