Cookson Group's open offer to Foseco India postponed
UK-based Cookson Group Plc's open offer to the shareholders of Foseco India for acquiring 20 per cent stake in the company has been postponed.
By PTI |
MUMBAI: UK-based Cookson Group Plc's open offer to the shareholders of Foseco India for acquiring 20 per cent stake in the company has been postponed.
The offer was scheduled to open today.
"Shareholders are requested to note that the proposed date of opening of the open offer, that is December 5, is postponed till further notice," Foseco India said in a filing to the Bombay Stock Exchange.
The UK-based Cookson Group proposed to acquire up to 1,277,292 equity shares, representing around 20 per cent stake in Foseco India, at Rs 420 per share.
The scrip of the company closed at Rs 485, down 1.03 per cent on the BSE.
Foseco India was originally promoted as a joint venture by Greaves and UK-based Foseco. It manufactures 400 products for the metallurgical industry, including steel and foundry.
The company's market covers integrated steel plants such as SAIL and TISCO, mini mills such as Mukand, Kalyani and Musco and foundries such as Ennore Foundries and Lakshmi Machine Works.
The company mainly exports to West Asia, South-East Asia, Sri Lanka, Nepal, Kenya, Ghana, Bangladesh, Singapore and Taiwan.
Foseco India's plants are located in Kolkata, Jamshedpur, Pune and Puducherry.
The offer was scheduled to open today.
"Shareholders are requested to note that the proposed date of opening of the open offer, that is December 5, is postponed till further notice," Foseco India said in a filing to the Bombay Stock Exchange.
The UK-based Cookson Group proposed to acquire up to 1,277,292 equity shares, representing around 20 per cent stake in Foseco India, at Rs 420 per share.
The scrip of the company closed at Rs 485, down 1.03 per cent on the BSE.
Foseco India was originally promoted as a joint venture by Greaves and UK-based Foseco. It manufactures 400 products for the metallurgical industry, including steel and foundry.
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The company's market covers integrated steel plants such as SAIL and TISCO, mini mills such as Mukand, Kalyani and Musco and foundries such as Ennore Foundries and Lakshmi Machine Works.
The company mainly exports to West Asia, South-East Asia, Sri Lanka, Nepal, Kenya, Ghana, Bangladesh, Singapore and Taiwan.
Foseco India's plants are located in Kolkata, Jamshedpur, Pune and Puducherry.
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