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Open Offer To Acquire Indo Tech Transformers Shares

Prolec-GE International, S. de R.L de C.V., through Kotak Mahindra Capital Co. Ltd., made an open offer to acquire all outstanding shares of 2,724,375 equity shares of Rs.10 each or 25.65 percent voting rights (currently not held by the promoters) of Indo Tech Transformers Ltd. at a price of Rs.106.40 apiece

The bid opening and closing date is January 23 and January 30, 2013, respectively.

Consequent to the Offer, and upon the promoters shareholding reaching a minimum of 90 percent of company's equity capital, the acquirer will seek to voluntarily de-list the shares from the Stock Exchanges where the company is currently listed, in accordance with the SEBI Regulations. The equity shares are listed and traded on the BSE and the NSE.

At the BSE, Indo Tech Transformers shares are currently trading at Rs.160, down 4.82 percent from the previous close.

by RTTNews Staff Writer

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