Grease manufacturer Standard Greases & Specialities Pvt. plans to boost its stake in Andrew Yule Group-managed Tide Water Oil Co. by buying more shares.
In a stock exchange announcement, Tide Water said it received an application from the companys joint promoter Standard Greases in connection with acquisition of 174,240 equity shares of the company.
Tide Water, which supplies Veedol-branded lubricants, approved the application and said the transaction must be completed on or before Sep. 22.
Mumbai-based Standard Greases, along with Janus Consolidated Finance Pvt., held a total of 29.38 percent stake in Tide Water at the end of June 2017, while Andrew Yule held 26.23 percent, the exchange data showed. The number of shares that Standard Greases aims to buy would raise its stake to 34.3 percent.
Standard Greases and Janus attempted to gain a controlling stake of Tide Water in 2015. Andrew Yule maintained control at that time thanks to allegiance from two government-owned shareholder companies, but it named Standard Greases co-promoter in recognition of the size of its stake.