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Punj Lloyd Ltd has increased its offer for the construction business of Macmahon Holdings Ltd, report says.
According to reports, Punj Lloyd unit Sembawang Australia would offer A$38 mn ($40 million) for Macmahon's construction businesses, including its rail business.
Macmahon said that its board was considering the proposal.
Earlier Macmahon reported that it planned to exit construction and announced a deal to transfer the majority of its construction assets to Leighton.
India Infoline News Service / 09:04, Jan 22, 2015
The outlook is a flat start. The market will look to scale to new peaks though not much effort is needed for the same. HUL saw a rally and short-covering may have pulled it up further. Speculation is on that its parent will raise stake through an open offer. After the cooling in oil prices, Cairn results will be in focus.