Pune HNI Parmar makes open offer for Bhilwara Spinners

MUMBAI: Pune-based high net worth individual Ashok Kumar Parmar has made an open offer (all-cash) to the shareholders of Bhilwara Spinners, which would amount to acquiring 13,52,226 shares of the company, at an offer price of Rs 15 per share.

The 13,52,226 shares represent 20 per cent of the paid-up capital of Bhilwara Spinners. Shares of the company were on Tuesday trading at Rs 10.88 on BSE, down 5 per cent from the previous close.

Parmar at present holds 10,05,591 shares of the company, which constitutes 14.87 per cent of the issued, paid-up and subscribed equity share capital.

The open offer begins on Jan 8, 2009 and ends on Jan 27, 2009.

Bhilwara Spinners is an integral part of the LNJ Bhilwara Group, a multi-product conglomerate with global presence and business interests spanning diverse industries like textiles, power generation, graphite electrodes and IT-enabled services.

Bhilwara Spinners, based at Bhilwara (Rajasthan), is into manufacturing of cotton, synthetic blended yarns of various counts and blends.

Parmar also holds 14.98 per cent in Trend Electronics, erstwhile Videocon Communications, a group company of Videocon Industries, and around 8 per cent in Dai-Ichi Karkaria Ltd.