Investor Rakesh Jhunjhunwala , whose personal wealth is around $1 billion, has said six companies in which he holds stakes would go public in the next two years.
Mr Jhunjhunwala holds stakes in 15 companies that are not listed on the stock markets. “We will list six companies in coming years,” he told journalists in Ahmedabad on Tuesday.
He will sell 0.87% stake in A2Z Maintenance and Engineering Services, a Mumbai-based company that will come out with an initial public offering (IPO) on December 8. The Rare Enterprise chairman will sell five lakh shares at the higher end of the price band of Rs 400-410 per share and receive more than Rs 20 crore, an amount he invested in the company four years ago. At that time, the shares were purchased at a little less than Rs 14 a piece, a price that has zoomed 30 times and the investment is now valued at close to Rs 500 crore.
A2Z Maintenance & Engineering Services Ltd. is engineering, procurement and construction (EPC) company in India and have been providing services to power transmission and distribution sector. The company is diversifying this business to provide EPC services to power generation companies and telecommunications. Company is also active in generating power from renewable energy sources. It provides municipal solid waste management services too.
His portfolio was built since 2003 and two Ahmedabad companies John Energy and Concord Biotech in which he has 25% and 31% stake respectively are also planning to get listed. Another company Topsgrup, Mumbai-based security solution provider, too is contemplating listing but is yet to decided the time period, a Mumbai-based market professional said.
Top officials in John Energy said the company is likely to bring its public issue during 2011-12. In 2007, Jhunjhunwala invested Rs 60 crore in the company that undertakes onshore drilling for public and private oil exploration and production companies. John Energy company has presence in Algeria, Kazakhstan and Uganda with clients like ONGC , OIL, RIL. Cairn, GSPC and HOEC.
Similarly, Concord Biotech with Rs 105 crore turnover too will go public next year. Jhunjhunwala has invested Rs 50 crore in two phases. During 2006 he bought 11% and later acquired 24% more in 2009. The company has been growing at a 30% CAGR since five years. The Warren Buffet of India - as Jhunjhunwala is described - is a chartered accountant and was rated 51st richest Indian.
Vadodara-based stock market analyst Anirudh Sethi recently paid Rs 14.02 lakh to win a charity auction for lunch with him. The funds were meant for Children’s Movement for Civic Awareness, a non-governmental organisation. “It’s a social and a charitable contribution and also an opportunity to meet a charismatic person like Mr Jhunjhunwala,” Sethi then said.
Source : ET
No comments:
Post a Comment