DNA - Money - Promoters of Asian Oilfields seek exit - Daily News & Analysis: "MUMBAI: The promoters of Asian Oilfields Services Ltd are seeking to exit the business, according to a person familiar with the development.
The Manchanda family led by chairman Krishna Kant hold about 10.2% stake in the company.
Financial institutions, corporate bodies and other strategic investors, which together hold 43.9% stake in the company, may also sell out if the valuation is right. “The potential buyer could cobble up a majority stake,” said the source.
Based on Monday’s closing share price of Rs 127, a 51% stake would cost the buyer Rs 69 crore.
An Asian Oilfields official denied the development.
“We were seeking buyers some six to eight months ago, but we are not holding any talks at present,” Gaurav Sud, vice president (corporate strategy) of the company, told DNA Money.
Sud said the focus now is on completing commitments in India and also considering acquisitions overseas.
The Vadodara-based company, which was founded in 1992, is into shot-hole drilling and seismic data services in both the onshore and offshore categories. It is also looking at diversifying into E&P activity through New Exploration Licensing Policy (Nelp) VII round with an unlisted oil company with which it has an informal arrangement
The source said the promoters of the firm are waiting for July-September quarter to end. “They expect a robust performance in the quarter which could get them better valuations,” he said.
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