Nirma makes exit offer to residual shareholders

NEW DELHI: Ahmedabad-based FMCG firm Nirma today said it has made an exit offer to the remaining shareholders to tender their shares till March next year following its plans to delist from bourses.

In January, the firm had fixed the offer price for acquisition of 3.63 crore outstanding shares held by public held at Rs 260 apiece to delist from the stock exchanges.

It set February 4 as the deadline for payment to shareholders who have accepted the offer. Post the offer, the promoter group increased the holding in the company to 90.82 per cent.

"The acquirers (company) hereby provide an exit offer opportunity to public shareholder holding offer shares in the company (residual shareholders)," Nirma said in a filing to the Bombay Stock Exchange.

The company said the shareholders can tender their shares to the acquirers at the final price of Rs 260 per shares during a time period of one year between March 31, 2011 and March 30, 2012.

In December, Nirma Ltd had announced that it will delist from the bourses. In this regard, it said it would acquire all the 3.63 crore outstanding shares held by public, amounting to 22.83 per cent of the firm's equity capital.

At the given price, the total outgo of the company on acquisition of shares held by the public is estimated at over Rs 940 crore.