Financial Daily from THE HINDU group of publications
Thursday, Mar 14, 2002
Financial Daily from THE HINDU group of publications Thursday, Mar 14, 2002 |
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Open Offers Markets - Open Offers Corporate - Mergers & Acquisitions Reckitt Benckiser open offer for Indian arm Our Bureau
MUMBAI, March 13 RECKITT Benckiser Plc on Wednesday announced an open offer for acquiring the remaining 49 per cent stake in its Indian subsidiary, Reckitt Benckiser India Ltd, at Rs 250 per share, to delist it. Acquisition of the 49 per cent stake, aggregating around 1.61 crore shares of the company, would cost the parent Rs 403 crore. The offer price is at a premium of 39 per cent compared to the 26-week average of the closing high-low price quoted on the Bombay Stock Exchange (BSE). Following the announcement, Reckitt Benckiser Ltd's scrip on Wednesday gained 9.83 per cent to close at Rs 238.5 on the BSE. The offer is scheduled to open on May 14 and close on June 13. The transaction is anticipated to be completed by July 12. The offer is managed by HSBC Securities and Capital Markets (India) Pvt Ltd. "The offer provides an opportunity to shareholders to make an appropriate choice under the prevailing circumstances to exit at a good premium. This offer is in line with our global philosophy of owning 100 per cent holding in our subsidiaries worldwide,'' a senior spokesperson said. Incorporated in 1951, Reckitt Benckiser India owns over 20 brands in personal hygiene, household and over-the-counter pharmaceutical segments.
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