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McNally to buy 68% in Sayaji Iron

Kolkata-based McNally Bharat Engineering is set to acquire a 68.28 per cent stake in Sayaji Iron & Engineering Co, representing the entire holding of the existing promoters, for Rs 59 crore.

The Williamson Magor group and GP Birla company has signed a memorandum of understanding to acquire the shares at Rs 221.60 a share. According to the provisions of the Securities and Exchange Board of India (Sebi) takeover code, McNally would make an open offer for another 20 per cent.

Deepak Khaitan, chairman, McNally Bharat Engineering, said, Sayaji is expected to achieve a topline of Rs 62-63 crore with an EBIDTA of around 20 per cent in the current financial year. The company also sees a profit before tax of around 17 per cent.

Sayaji is currently engaged in manufacturing wide range of equipment for crushing, grinding, screening, construction and material handling equipment, cement, power and coal plants and complex turnkey projects. It has plants in Vadodara, Gujarat and eight marketing offices across the country.

Khaitan said, the company would look for further acquisitions mostly for technology.

Source: Business Standard

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