Mascon Promoter In Talks To Acquire ICICI''s 5% Stake

New Delhi: Mascon Global Ltd''s Promoter and Chairman is in talks with ICICI Bank to acquire the latter''s existing five per cent stake in the company. The move comes on the heels of Mascon announcing a private placement to Greater Pacific Capital (GPC), for about 7-8 per cent stake through a combination of shares and warrants for a total consideration of about $15 million.

GPC hopes to pick up another up to 7 per cent stake from the market, taking its intended holding in the company to about 14.99 per cent. At present, Mascon''s Chairman and CEO, Mr Sandy K. Chandra, is reportedly in talks to acquire ICICI''s five per cent stake in the company for about $7.5 million. Mr Chandra, whose current shareholding in the company is estimated at 10-12 per cent, has the Right of First Refusal (RoFR) over ICICI''s stake; and exercising this option would allow him to shore up his holding in the company. ICICI, on the other hand, may look at converting debt of Rs 22 crore into equity. The company has also recently announced a $50-million Foreign Currency Convertible Bonds (FCCB) issue, the proceeds of which would be utilised for acquisitions in the financial services, manufacturing and healthcare domains.