Essel group’s plan to acquire 62 per cent stake in LKP Finance has been dealt a blow following the change in liquidity position, said people in the know. They said that Essel has made payment for the 24 per cent it acquired during the open offer, but has not been able to pick up the promoters' stake in LKP Finance.
The people added that Essel group may consider offloading its 24 per cent stake if the current promoters are able to find another investor to take over the company.
Last year, Dakshin Mercantile — an Essel group company — had