Avery India open offer price raised to Rs 81/share

MUMBAI: ITW Global Investments Inc. along with AV Co 3 Ltd has raised the offer price to equity shareholders of Avery India Ltd from Rs 62.5 per share to Rs 81 per share.

The offer is for acquisition of 19,66,461 fully paid up equity shares of the face value of Rs 10 each, representing 20% of Avery India���s paid up equity share capital.

Pursuant to the upward revision, the maximum consideration required to meet the obligation of offer assuming 100% acceptance is Rs 15,92,83,341.

ITW Global and AV Co 3 have made an additional cash deposit of Rs 1,67,91,500 in the escrow account. The aggregate cash deposit in the escrow account is in excess of 25% of the revised maximum consideration.