Actis makes open offer for 20% stake in Phoenix Lamps
Private equity investor Actis, with its affiliate companies, has made an open offer to the shareholders of Phoenix Lamps Ltd to buy a 20 per cent stake in the company.
By PTI |
MUMBAI: Private equity investor Actis, with its affiliate companies, has made an open offer to the shareholders of Phoenix Lamps Ltd to buy a 20 per cent stake in the company.
The open offer made to the shareholders of Phoenix Lamps is to acquire about 47.69 lakh equity shares of Rs 10 each, representing 20 per cent stake in Phoenix Lamps at a price of Rs 152 per share, subject to terms and conditions.
Argon India, Argon South Asia along with PACs, Actis India fund, Actis South Asia Fund and Actis Executive Co-Investment Plan LP made the open offer to the shareholders of Phoenix Lamps. Yes Bank Ltd is the manager to the offer.
The leading automobile halogen lamps manufacturer, Phoenix Lamps informed the Bombay Stock Exchange that the offer opens on August 31 and closes on September 19.
Earlier this month, Actis had announced that it would invest Rs 133 crore in Noida-based Phoenix Lamps, which owns the Halonix brand, to buy out the promoter stake and pick up a 36.7 per cent stake in the company.
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