Please Share:: 
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
CESC buys 4.8% stake in Australian coal mining company for AUD10mn
CESC has entered into a deal with Australia’s Resource Generation (R-Gen) to buy a 4.8%
stake in the latter for AUD10mn. The acquisition has been done through CESC’s subsidiary
Bantal Singapore Pte. Ltd., which has agreed to buy 12,195,122 shares of R-Gen at
AUD0.82 per share. Post this acquisition, RPG Group’s (promoter of CESC) stake in R-Gen
has increased to 11.2%. This deal also entails Integrated Coal Mining (another affiliate of
RPG) to get 139mn tonnes of coal over 38 years from R-Gen’s Boikarabelo mines in South
Africa from late CY2013, when mining starts in these mines. CESC is exploring a
possibility to set up a 2x660MW coal-fired plant adjacent to Boikarabelo mines to utilise a
portion of coal. CESC proposes to supply this power to the South African grid. We
maintain our Buy recommendation on the stock with a target price of `380.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
CESC buys 4.8% stake in Australian coal mining company for AUD10mn
CESC has entered into a deal with Australia’s Resource Generation (R-Gen) to buy a 4.8%
stake in the latter for AUD10mn. The acquisition has been done through CESC’s subsidiary
Bantal Singapore Pte. Ltd., which has agreed to buy 12,195,122 shares of R-Gen at
AUD0.82 per share. Post this acquisition, RPG Group’s (promoter of CESC) stake in R-Gen
has increased to 11.2%. This deal also entails Integrated Coal Mining (another affiliate of
RPG) to get 139mn tonnes of coal over 38 years from R-Gen’s Boikarabelo mines in South
Africa from late CY2013, when mining starts in these mines. CESC is exploring a
possibility to set up a 2x660MW coal-fired plant adjacent to Boikarabelo mines to utilise a
portion of coal. CESC proposes to supply this power to the South African grid. We
maintain our Buy recommendation on the stock with a target price of `380.
No comments:
Post a Comment