Emami prices Zandu open offer at Rs 7,315/share

Personal care products maker Emami Ltd has made an open offer to buy up to 20 percent equity in Zandu Pharmaceutical Works Ltd at 7,315 rupees a share.The offer offer for up to 161,280 shares comes in the wake of Emami raising its stake in Zandu to 27.51 percent last week by acquiring shares from certain promoters.

Under Indian takeover regulations, the acquirer is required to make an open offer for an additional 20 percent stake in the target firm when its stake in the latter touches 15 percent.The offer opens July 24 and closes Aug. 12.

HB Stockholdings gets Sebi nod for DSIL open offer

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.

ENI makes open offer for 20 per cent in Hindustan Oil

Italian energy group ENI has made an open offer to buy up to 20 percent in India's Hindustan Oil Exploration Co Ltd for 3.77 billion rupees ($94 million).The offer, made by ENI UK Holdings Plc, a wholly owned subsidiary, is required by Indian law following ENI's acquisition of Britain's Burren Energy, which gave it an indirect stake of 27.2 percent in the Indian company.

The offer is for 26.12 million shares at Rs 144.2 per share.The offer opens on June 11 and closes on June 30, and is subject to regulatory approvals in India.It is not subject to a minimum level of acceptance. Eni has "adequate resources" to fund the offer. N.M. Rothschild (India) is the manager to the offer

Tata Investment Corp hits 20% upper circuit on open offer

Tata Investment Corporation hit 20 per cent upper circuit early on Monday after Tata Sons made an open offer of Rs 600 per share to public share holders to acquire additional 29.29 per cent stake.

At 10:06 am, Tata Investment was at Rs 540.10, up Rs 90 with volume of 1550 shares. The open offer is at 33 per cent premium to the share’s closing price of Rs 450 on Friday on the Bombay Stock Exchange.

This price is also well in excess of the minimum price of Rs 439 based on SEBI formula, as per the announcement on the BSE website. Tata Sons and other Tata companies currently hold 60.61 per cent in Tata Investment Corporation.

This will not result in de-listing the company's shares from the stock exchange.

Fortis Financial's offer for 20% in Asian CERC

Fortis Financial Services today said its offer to the shareholders of Asian CERC Information Technology for acquiring 20 per cent stake in the company would open from September 14.

Securities and Exchange Board of India (SEBI) issued comments on the draft letter of offer on July 23, and therefore the dates with respect to open offer have undergone a change, Asian CERC said in a filing to the Bombay Stock Exchange.

As per the revised schedule, the offer would remain open from September 14 till October 4. While as per the original schedule the offer was supposed to remain open from October 12 to November 1, 2006.

Fortis Financial made an open offer for acquiring over 24.76 lakh equity shares of Rs 5 each representing 20 per cent of the paid-up equity share capital of Asian CERC at Rs 53.45 each, subject to the terms and conditions.

NIIT looking to offload 25% stake in Tech

NIIT Ltd, the promoter of Delhi-based IT company NIIT Technologies, is looking to sell 25% in the company to a strategic investor. NIIT Technologies is a listed entity and a 25% stake sale would trigger an open offer for a further 20%, thereby giving the buyer management control of the company.

“Our position has been that the promoters will dilute 25% out of the nearly 40% stake held by them to a strategic investor. This will naturally lead to an open offer. However, at this point of time, we are not in discussions with any investors,“ said NIIT Technologies CEO Arvind Thakur.

Sources in the industry say the company has initiated discussions with investment bankers for the possibility of a stake sale to a global IT company.

The size of a possible deal could not be ascertained as it depends mainly on the premium that the company can get. Sources say the company is looking at a high premium for the significant stake sale to strategic investors. “The management is looking at a high premium and thus keen to have a deal with a strategic investor. A deal with private equity funds is unlikely due to the premium expectations of the management,” said an industry source.

Read more in The Economic Times article.

Holcim open offer for 20% Ambuja stake

Holcim, the world's second largest cement maker, announced plans to take majority control of Ambuja Cements (ACL) through purchase of 3.9% stake from the Sekhsaria-Neotia family and a subsequent 20% open offer for the minority shareholders.

Priced at Rs 154 a share - an 18% premium over the closing price of Rs 130.50 on Wednesday - the twin move will scale up the Swiss major’s shareholding in the country’s third largest cement company to marginally over 56% from the existing 32.3%. The move, subject to regulatory approvals, will cost Holcim $1.34 billion (Rs 5,463 crore).The investment will be financed from internal accruals, Holcim said in a release.

The open offer price of Rs 154 per share puts the enterprise value of ACL at $ 300 per tonne - the highest in the industry. The market capitalisation of ACL at the offer price would be Rs 23,408 crore.

Read more in The Business Standard article.

Baring's Open Offer Will Make It Majority Shareholder In JRG Sec

Baring Private Equity India will come up with an open offer for a 20 per cent additional stake from JRG Securities shareholders. Baring had recently acquired a 45 per cent stake in the Kochi-headquartered stock broking firm for $35 million. The open offer is mandatory if one acquires more than 15 per cent stake in a listed company.

If the open offer is successful, Baring will be the largest shareholder in the broking firm with 65 per cent stake. It may also be possible that the open offer is not subscribed fully. In any case, Baring is most likely to be the majority owner of a stock broking firm.

Earlier Citigroup Venture Capital International had reportedly acquired an 85 per cent stake in retail broking firm Sharekhan for Rs 470-480 crore (the company is yet to announce the deal officially).

M&M ups stake in Punjab Tractors to 64.6%

Mahindra and Mahindra on Thursday said it has consolidated its stake in Punjab Tractors to 64.6 per cent after completing its open offer to pick up a 20 per cent stake in the company.

Mahindra and Mahindra along with Mahindra Holdings and Finance Ltd had made an open offer to the shareholders of Punjab Tractors Ltd for acquiring 12,151,140 equity shares of Rs 10 each at Rs 360 per share.Over 1.21 crore shares amounting to 20 per cent stake were tendered in the open offer by Punjab Tractors shareholders.

The total valid shares tendered under the offer were 15,948,911 and the total shares accepted under the offer are 12,151,140 amounting to an acceptance ratio of 76.19 per cent, M&M told BSE.With this, M&M along with Mahindra Holdings and Finance Ltd holds over 3.92 crore shares, aggregating to 64.6 per cent.

Read more in The Economic Times article.

Lanco Global gets open offer for 20 pc stake

Lanco Global Systems on Monday said it has received an open offer from various investors for buying 20 per cent stake in the company for Rs 22.27 crore.

The acquirers and persons acting in concert made the open offer to shareholders of Lanco Global to acquire 50.84 lakh shares at Rs 43.80 per share, the company said in comunique to the Bombay Stock Exchange.The offer would remain open from August 17 and close on September 5.

The acquirers include K Venkateswara Rao, K Tejesh Kumar and K Venkata Subba Rao and their associates.

Kazakh firm makes open offer for 20 pc stake in Petron

Kazakhstan-based oil and gas services firm KazStroyService Plc has made an open offer to shareholders of Petron Engineering for acquiring a 20 per cent stake in the latter for Rs 27.13 crore.

The offer is to acquire 1,507,680 fully paid up equity shares, representing 20 per cent of the outstanding equity shares (with voting rights) at Rs 180 each, Petron Engineering told the BSE today.The offer would open on August 14 and would close on September 3, it added.

On June 19, promoters of Petron Engineering Construction had said that they have decided to sell their controlling stake to a Kazakh firm for an undisclosed amount.KazStroyServices Plc, bought the stake from Petron Investments, the holding company of Petron Engineering with 52.22 per cent stake.Shares of Petron Engineering closed at Rs 185.25, down 2.06 per cent on the BSE.

Charter makes 20% open offer for Esab India

London-based Charter has made an open offer to the shareholders of Esab India for acquiring 20% stake in the engineering firm for Rs 131.14 crore.

A Charter subsidiary has made an offer for acquiring 3,078,604 fully paid up equity shares in Esab India representing 20% stake at Rs 426 per share, the company said in a filing to the London Stock Exchange.

According to Esab India's shareholding pattern as of March 31, Charter holds 5,743,200 shares amounting to 37.31% in in the company through a subsidiary, Esab Holdings.With this offer, Charter's shareholding in Esab India would increase to 57.3%, subject to the regulatory approvals.

Shares of Esab India, which is engaged in the business of welding consumables and equipments, closed at Rs 460.35, up by 8.8% on the BSE today.

London-based Charter owns two international engineering businesses through a number of intermediate companies - Esab, which is a global welding company, and Howden, a global leader in the manufacture of air and gas handling equipment.

Alfa Laval parent ups open offer to Rs 1300/shr

HSBC Securities & Capital Markets (India) on behalf of Alfa Laval Corporate AB and Alfa Laval AB has raised the offer price in the open offer for acquisition of shares of Alfa Laval India to Rs 1300 (per fully paid up equity share) as against the original offer of Rs 875.

According to an official release issued by Alfa Laval to the BSE today, the offer is for the acquisition of upto 4,702,500 fully paid up equity shares of face value of Rs 10/- each of the company representing 25.89% of its voting capital.

Consequent to the upward revision in the offer price, the total monetary value of the revised offer would be Rs 611,32,50,000, the release said.