LALBHAIS WANT TO BUY BACK AFL SHARES BEFORE MERGER
Article Abstract:
The promoters of Anagram Finance Ltd (AFL), the Lalbhais, have offered to buy the shares of AFL from its shareholders at Rs18 each, before it is merged with Industrial Credit and Investment Corporation of India (ICICI). The swap ratio for the merger is fixed at 1:15, with one share of ICICI for every 15 shares of AFL. The shareholders of AFL will be getting Rs7.08 per share at current market prices as the ICICI scrip is quoting at Rs106.20. Now the Lalbhais have offered to buy the share at Rs18 each, thereby making a present value loss of Rs10.92 per AFL share. In the total equity of Rs24.4 crore in AFL at present, the Lalbhais hold a stake of 72.32 percent and the remaining 27.68 percent is held by the public and institutions. This holding works out to Rs6.5 crore or 67.5 lakh shares. The Lalbhais have come forward to spend an extra Rs7.37 crore to acquire the shares at a price of Rs18 per share. (gsh)
Comment:
Offers to purchase shares of shareholders of Anagram Finance at Rs18 each
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
RPG MOVES TO DILUTE STAKE IN CEAT FIN
Article Abstract:
The RPG group is negotiating with several international funding agencies in order to divest a part of its holding in Ceat Financial Services Ltd. The group, which holds a 62 percent stake in the non-banking finance company, has decided to retain majority control. It has been talking to institutions like International Finance Corporation of the US, FMO of the Netherlands and DEG of Germany. (khr)
Comment:
RPG group negotiates w/ several intnl funding agencies to divest a part of its 62% holding in the company
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
APOLLO TYRES DESUBSIDIARISES TWO COMPANIES
Article Abstract:
Apollo Tyres has reduced its stake in Apollo Finance and Apollo International to less than 51 percent thereby desubsidiarising them. It has also privately placed the equity of these companies to help them to mobilise funds for their projects. Apollo Tyres also proposes to use these companies as channels for investing in new projects. Apollo Tyres proposes to invest Rs395 crore between 1998-2000 for executing its expansion plans. (ag)
Comment:
Reduces stake in Apollo Finance & Apollo International to less than 51% thereby desubsidiarizing the cos
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: GALFAR TO SET UP Rs10-CRORE CENTRE IN KERALA KERALA ALLOTS LAND TO HNL FOR PLANTATIONS HORTICORP TO REDEFINE VEGETABLE RETAILING IN KERALA
- Abstracts: MAX GROUP MULLS WAYS TO DISTRIBUTE Rs563-CRORE GAIN DRS TO DISTRIBUTE WEBRAMP RANGE OF PRODUCTS. MARICO IND TO DISTRIBUTE TOP RAMEN FOR INDO-NISSIN
- Abstracts: ISPAT INDUSTRIES TO HIVE OFF TEXTILE DIVISION OF SUBSIDIARY CONE MILLS BUYS 8% IN ASHIMA HBC ACQUIRES 34.99% STAKE IN KTL, MAKES OPEN OFFER
- Abstracts: TOO MUCH STATIC ON THE MOBILE LINE METROS STILL RULE CELL SUBSCRIBER BASE BPL US WEST CHALKS OUT GROWTH PLAN FOR T N CIRCLE
- Abstracts: VASHISTI DETERGENTS NET RISES 61%. HLL