The battle for control of DCM Shriram Industries (DSIL), the Delhi-based sugar-to-industrial fibres company, is set to intensify with Harish Bhasin's HB Stockholdings getting the Securities and Exchange Board of India's (Sebi) approval to launch the open offer for purchase of 22.88 per stake in DSIL.Bhasin already owns over 25 per cent in the company. If the open offer succeeds, Bhasin will end up with a stake in excess of the 40.7 per cent held by the promoters, led by Tilak Dhar.
Bhasin has invested Rs 22 crore in the last five-and-a-half months to increase his stake in DSIL from 12.87 per cent to 25.05 per cent through open market purchase of shares. The DSIL promoters, sons of Late Lala Bansi Dhar, have in turn raised their stake in the company from 32.54 to 40.7 per cent through an issue of warrants.
Bhasin had announced the open offer on November 19 last year. The price of the open offer was Rs 70 a share and was subsequently revised to Rs 120.However, since HB Stockholdings bought some shares for Rs 127, the open offer price automatically stands revised at Rs 127. However, HB may consider revising it depending upon the market conditions.
Read more in The Business Standard aricle.
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