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Rediff News  All News  » Business » SSI announces open offer to acquire 20% equity stake in Aptech

SSI announces open offer to acquire 20% equity stake in Aptech

February 15, 2003 14:07 IST

J M Morgan Stanley Pvt Ltd has informed BSE that SSI Ltd (SSI / Acquirer) along with Mr K S Aghoram (PAC) has made an Open Offer to all the shareholders (except the Acquirer, PAC and Sellers - to be described below) of Aptech Ltd (Aptech / Target Company) to acquire upto 3,695,390 fully paid up Equity Shares of Aptech Ltd of face value of Rs 10 each, representing 20% of the Voting Capital of Aptech at a price of Rs 49.75 per equity share payable in cash. The Offer is not subject to any minimum level of acceptance.

The Acquirer had entered into a Share Purchase Agreement on February 10, 2003 with  (a) Advent Tele Net Pvt Ltd (b) Norfolk Infotech Pvt Ltd (c) Mrs Alka Atul Nisar and (d) Ms Priyanka Atul Nisar (together referred as Sellers). The sellers agreed to sell and the Acquirer agreed to purchase of 4,932,408 equity shares of Rs 10 each fully paid up of the sellers in Aptech Ltd for cash at a Price of Rs 49.75 representing 27.18% of the voting equity capital of Aptech.

The Specified Date is February 21, 2003

Offer Opens on April 03, 2003

Offer Closes on May 02, 2003

BSE Code: 532475