Tanglin may go for open offer to pick Sical stake
The VG Siddhartha-promoted Tanglin Retail Realty Developments is likely to announce an open offer to pick up additional stake in Sical Logistics in the next two months.
By ET Bureau | Updated:
BANGALORE: The VG Siddhartha-promoted Tanglin Retail Realty Developments is likely to announce an open offer to pick up additional stake in Sical Logistics in the next two months.
This move comes after the realty firm was allotted 1.6 crore shares of Rs 10 each at a premium of Rs 66 on Friday. After this, the company’s ownership in the Chennai-based logistics company has gone up to 36.05%.
Coffee Day Holdings’ realty division had announced that it would acquire majority control of Sical from promoter Ashwin C Muthiah in November 2010. According to market regulator SEBI’s regulations, Tanglin has to come out with an open offer since its holding in Sical has exceeded 15%.
It is mandatory for a company acquiring more than 15% to make an open offer for purchase of an additional 20% stake from public shareholders of the target firm.
This move comes after the realty firm was allotted 1.6 crore shares of Rs 10 each at a premium of Rs 66 on Friday. After this, the company’s ownership in the Chennai-based logistics company has gone up to 36.05%.
Coffee Day Holdings’ realty division had announced that it would acquire majority control of Sical from promoter Ashwin C Muthiah in November 2010. According to market regulator SEBI’s regulations, Tanglin has to come out with an open offer since its holding in Sical has exceeded 15%.
It is mandatory for a company acquiring more than 15% to make an open offer for purchase of an additional 20% stake from public shareholders of the target firm.
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