Rediff.com  » Business » Vaibhav Textiles revises open offer

Vaibhav Textiles revises open offer

January 16, 2003 18:37 IST
Get Rediff News in your Inbox:

Aryaman Financial Services Ltd has informed BSE that Vaibhav Textiles Pvt Ltd (the Acquirer) has revised the Open Offer made to the Shareholders of Raisaheb Rekhchand Mohota Spinning & Weaving Ltd (Target Company) as follows:

The Acquirer has revised the offer to the shareholders of Target Company to acquire 5,00,760 equity shares representing 12.02% of the voting equity share capital of the Target company at a price of Rs. 42.45 per equity share for fully paid up shares payable in cash. The Offer is not subject to any minimum level of acceptance and the Acquirer will acquire all the equity shares of Target Company that are tendered in valid form in accordance with the terms and conditions set out herein and in the Letter of Offer to be sent to the shareholders up to a maximum of 5,00,760 equity shares.

Earlier the company had informed BSE that Vaibhav Textiles Pvt Ltd, Hinganghat has made an open offer for acquisition of 3,08,000 Equity Shares of the company through a Public Announcement. As informed by the company Vaibhav Textiles Pvt Ltd has entered into an agreement with Ellechant Securities Pvt Ltd and Priya Viniyog Pvt Ltd for acquisition of 7,30,000 Equity Shares subject to compliance of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997.

The Specified Date is December 02, 2002

Date of Opening of the Offer is January 21, 2003

BSE Code: 530047

Get Rediff News in your Inbox:
SHARE THIS STORY 

Moneywiz Live!