Financial Daily from THE HINDU group of publications
Tuesday, Jul 23, 2002
Financial Daily from THE HINDU group of publications Tuesday, Jul 23, 2002 |
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Corporate
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Open Offers Parent to make open offer for Madura Coats Our Bureau
MUMBAI, July 22 J&P Coats Ltd, along with Coats Plc., will make an open offer to raise stake in its Indian subsidiary, Madura Coats Ltd (MCL), to 100 per cent from the current 63 per cent, at a price of Rs 40 per share. If subscribed fully, MCL will be delisted from the exchanges. A statement from J&P Coats said here that the company today informed the stock exchanges of its intention to make an open offer to acquire about 2.1 crore shares or 36.8 per cent of the total equity of MCL from the existing shareholders. The offer price at Rs 40 offers a premium of 50.2 per cent to the average price of Rs 26.63 for the previous 26 weeks ended July 19, 2002, it said. The offer, which will be open between September 23 and October 22, will be managed by DSP Merrill Lynch. Karvy Consultants will act as registrar. The statement said Coats Plc. wanted to increase and expand its business presence in India and would wish to develop the country as an important source of products. The company's global threads business was based upon 100 per cent control of key strategic units. Madura Coats had the potential to play a more important role in Coats' global supply chain if ownership levels were more consistent with global practice, it said.
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