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Ruias' open offer

Special Correspondent

KOLKATA: The Ruia group has made an open offer to Dunlop India (DIL) and Falcon Tyres shareholders for up to 20 per cent of the voting share capital in these companies.

The public announcement has been issued on Thursday on behalf of Wealth Sea Pte Ltd (the acquirer) and Manali Properties & Finance Ltd (MPFPL) as a person acting in concert, in compliance of SEBI order given on November 1, 2006, against WSPL.

The price for acquiring up to 89.97 lakh equity shares of DIL has been pegged at Rs. 10 for every share of Rs. 10 payable in cash, while that for Falcon it has been fixed at Rs. 151 for every share of Rs. 10 for acquiring up to 11.36 lakh shares. A ten per cent interest would be paid to the affected shareholders on the total consideration with effect from June 2, 2006 (being the last date by which payment for the open offer would have fallen due). The offer closes on April 12 and the Ruia group can revise upwards the offer price up to a week before the closure date.

The fund requirement (including interest) for the Dunlop open offer has been pegged at Rs. 9.80 crore while that for Falcon it is Rs. 18.30 crore. An escrow account has been created for this purpose.

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