In today’s briefing:
- Halcyon Agri: MGO One Step Closer As SASAC Approves SPA
- Vikram Solar Pre-IPO – Has Diversified Its Sales, Although Concentration Risk Remains High
Halcyon Agri: MGO One Step Closer As SASAC Approves SPA
- Back on the 16 November, Halcyon Agri (HACL SP) announced Sinochem, holding 65.2% of shares out, had entered into an SPA to sell 36% to China Hainan Rubber (601118 CH).
- Upon completion of the SPA, Hainan Rubber will make an MGO, conditional on a 50% tendering acceptance. Sinochem has provided an undertaking not to tender its remaining 29.2% stake.
- Halcyon has now announced SASAC has given the green light for the SPA. Outstanding conditions include MoC and NDRC. Those approvals should fall into place shortly.
Vikram Solar Pre-IPO – Has Diversified Its Sales, Although Concentration Risk Remains High
- Vikram Solar (0490158D IN) is looking to raise around US$260m in its upcoming India IPO.
- Vikram Solar (VS) is an integrated solar photo-voltaic (PV) modules producer and an integrated solar energy solutions provider.
- As per CRISIL, it was one of India’s largest module manufacturers and held a 19% domestic market share, as per operational module capacity.
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