Sanghi shares pledged with IDBI Trusteeship

IDBI Trusteeship Services Limited (ITSL) has 'acquired' 8,89,21,000 shares aggregating 40.79 per cent of the total paid-up capital of Sanghi Industries Limited (SIL). ITSL has acquired the shares in the capacity as Share Pledge Trustee (SPT) and agent for GE Capital Services India and various banks and financial institutions.

ITSL made an announcement to this effect on the National Stock Exchange on Thursday. The date of intimation of shares pledged in favour of ITSL in its capacity as SPT and agent was received on January 17, 2006.

SIL president (finance), Beena Engineer, told Business Standard that the shares were only 'pledged' for a loan amount of about Rs 900 crore. "The word acquisition was used as per the Sebi terminology," she clarified.

Incidentally, on Monday, an open offer was made for the acquisition of 4,35,95,800 equity shares of Sanghi Industries Ltd at a price of Rs 18.50 per share by the British Virgin Islands-based Spinnaker Global Opportunity Fund Ltd, Spinnaker Global Emerging Markets Fund Ltd and Spinnaker Global Strategic Fund Ltd.

The shares sought to be acquired represent 20 per cent of the post-preferential allotment paid-up equity share capital of Sanghi Industries. The offer opens on March 9 and closes on March 28, 2006.

SIL has been reportedly facing financial difficulties for the past few years due to delay in the implementation of its cement project at Kutch in Gujarat on account of some environmental-related problems.

The acquisition of shares by Spinnaker has been reported to be a move to strengthen the finances of the company, which is facing hardships in fulfiling its debt repayment obligations.

SIL had recently made a preferential allotment of 2.89 crore equity shares of Rs 10 each, aggregating 13.26 per cent of the equity, to Spinnaker. Prior to the preferential allotment, the paid-up equity capital of the company stood at Rs 175 crore.