Sunday, Dec 14, 2003
Front Page |
Southern States |
Other States |
Advts: Classifieds | Employment | Obituary |
By Our Staff Correspondent
Pursuant to the takeover regulations the acquirers have come out with an open offer to the remaining shareholders of SHRIL, to buyout 36.45 lakh shares representing 20 per cent of the paid-up capital at a price of Rs. 11.15 per share.
Auromatrix would be infusing funds to the tune of Rs. 9 crores for funding the acquisition and related activities. Addressing a press conference here today, Kumar Sitaraman, Chairman & CEO, AHPL, said Sterling Holiday Resorts had a debt of Rs. 150 crores at an average interest cost of 20 to 25 per cent.
AHPL had made a proposal to the existing lenders to repay 50 per cent of the debt and swap the balance into a low cost loan.
The President of SHRIL, Steve Borgia claimed that the acquirers had recognised the intrinsic value of Sterling Resorts and were committed to deliver the promises made to the Timeshare customers of Sterling.
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | Home |
Copyright © 2003, The
Hindu. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of