AUTORIDERS NOT TO BID AGAIN FOR 20% STAKE IN SCL
Article Abstract:
The Autoriders group will not make any new offer for buying 20 percent stake in Saurashtra Cement Ltd (SCL). This group had made an open offer for acquiring 20 percent stake in SCL assuming that SCL equity was Rs19.01 crore. This offer was termed as invalid by the Securities and Exchange Board of India (Sebi). Sebi termed the offer invalid as it opined that the Autoriders group had not considered the increase in the equity of SCL due to preferential allotment of shares to the promoters of the SCL. Sebi also directed the promoters of SCL to make an open offer, as they had made preferential allotment of shares to protect themselves against the takeover threat from the Autoriders group. The promoters of the SCL are now likely to make an open offer at Rs30 per share as compared to Rs75 per share offered by the Autoriders group. This has forced the Autoriders group to decide against making a new offer. (ag)(psr)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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AN UPHILL TASK
Article Abstract:
The plans of the Tata group to increase their equity stake in Associated Cement Companies (ACC) to 19 percent faced a setback as financial institutions said that they would have to review the proposal before coming to any conclusions about the preferential and rights issues mooted by ACC. Lafarge of France has also raised its bid to acquire the Tisco cement plant to Rs550 crore. This acquisition will increase the financial burden on ACC. (khr)
Comment:
The plans of the Tata group to increase their equity stake in Associated Cement Companies (ACC) to 19 percent faced a setback as financial institutions said that they would have to review the proposal before coming to any conclusions about the preferential and rights issues mooted by ACC.
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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