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Dalmia working on another Project` worth up to Rs 50 cr
Renaissance estates Director Abhishek Dalmia on Tuesday said that his company was working on another project with investment up to Rs 50 crore after the tame denouncement of the Gesco takeover bid in which he failed to wrest control of the Mumbai-based realty company.
Renaissance estates Director Abhishek Dalmia on Tuesday said that his company was working on another project with investment up to Rs 50 crore after the tame denouncement of the Gesco takeover bid in which he failed to wrest control of the Mumbai-based realty company.
"We are working on another project, which will need investment anywhere between Rs 10-50 crore, the amount we had earmarked for GESCO takeover earlier," Dalmia told PTI in New Delhi. While declining to give further details of the proposed venture, he said, "This may not be another acquisition. But I cannot talk about it right now, it is too premature a stage."
Dalmia ruled out roping in any debt funds for the new venture, and said that his company's internal accruals were sufficient for the proposed project, which will soon be ready. Denying allegations that his takeover bid for GESCO was mounted without having enough liquidity as a predator, he said That this was impossible since SEBI has to be kept informed of the acquirer's moves.
Under the SEBI guidelines, the merchant banker to any open offer must be apprised about the funds' situation of the acquirer and 25 per cent of the total bid amount must be deposited in an escrow account before the bid is actually mounted. Bureau Report
"We are working on another project, which will need investment anywhere between Rs 10-50 crore, the amount we had earmarked for GESCO takeover earlier," Dalmia told PTI in New Delhi. While declining to give further details of the proposed venture, he said, "This may not be another acquisition. But I cannot talk about it right now, it is too premature a stage."
Dalmia ruled out roping in any debt funds for the new venture, and said that his company's internal accruals were sufficient for the proposed project, which will soon be ready. Denying allegations that his takeover bid for GESCO was mounted without having enough liquidity as a predator, he said That this was impossible since SEBI has to be kept informed of the acquirer's moves.
Under the SEBI guidelines, the merchant banker to any open offer must be apprised about the funds' situation of the acquirer and 25 per cent of the total bid amount must be deposited in an escrow account before the bid is actually mounted. Bureau Report