In 2008, SREI demerged its infrastructure equipment financing business into a 50:50 Joint Venture Company, Srei Equipment Finance Limited (SEFL), with BNP Paribas Lease Group, a 100% subsidiary of the BNP Paribas Group. This would enable SREI to consolidate 100% of the financial results of the infrastructure equipment finance business.
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A 5% stake in Srei Infrastructure at Tuesday’s opening price of Rs 52.05 a share is Rs 131 crore, which is the valuation at which BNP would be selling its 50% stake in Srei Equipment.
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“SREI, BPLG, SEFL, SREI Growth Trust, Hemant Kanoria, Sunil Kanoria have entered into a share-purchase agreement where by BPLG has agreed to acquire 25 million shares equity shares of SREI or 5% stake from SREI Growth Trust and in lieu thereof, BPLG will sell its entire 29 million shares or 50% stake in SEFL to SREI”, SREI said in a statement to exchanges. Funds received by Srei from 5% stake-sale will be used for acquisition of additional 50% stake in SEFL. The price will be the higher of the average price of Srei shares 26 weeks preceding the closing date of acquisition and 2 weeks preceding the closing date of acquisition. Net profit of SEFL for the quarter ended September stood at Rs 27.62 crore.
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At least 12 people were required to load the unconscious animal onto a tarp and then bring it to a waiting truck. This includes the preparation of derivative works of, or the incorporation of such content intoother works.
Srei Infrastructure Finance’s shareholders gave a thumbs up to the deal as the scrip rose over 13% to end the day at Rs 58.60 a piece on BSE.
Srei Infrastructure Finance’s businesses include infrastructure equipment leasing and finance, infrastructure project finance, advisory and development, insurance broking, venture capital, capital market and Sahaj e -Village.
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While BNP has emerged a loser in the whole deal, it’s Srei that has benefitted by taking back full control over an assets under management (AUM) of close to Rs 19,000 crore against giving just 5% stake in the parent entity whosse consolidated AUM is just 7,000 crore. “So, they have made a decision to come into the parent company”, Srei chairman and managing director Hemant Kanoria said.
