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| Exchange Disseminated Time | JM Financial Institutional Securities Limited ("Manager to the Open Offer") has submitted to BSE a copy of Public Announcement ("PA") regarding Open Offer for acquisition of up to 19,14,13,630 equity shares of Rs. 10 each of Pipavav Defence and Offshore Engineering Company Limited (the “Target Company”) from the Public Shareholders (as defined below) of the Target Company by Reliance Defence Systems Private Limited (the “Acquirer”) together with Reliance Infrastructure Limited as the person acting in concert (“Reliance Infra” or the “PAC”) with the Acquirer (“Offer”/ “Open Offer”).
Offer Details:
- Size: The Acquirer and the PAC hereby make this Offer to the Public Shareholders to acquire up to 19,14,13,630 fully paid-up equity shares of face value of Rs. 10 each of the Target Company (the “Offer Shares”), constituting 26.00% of the total fully diluted voting equity share capital (as of the 10th working day from the closure of the tendering period for the Offer) (the “Voting Share Capital”) of the Target Company at a price of Rs. 66.00 per Offer Share (the “Offer Price”) aggregating to total consideration of Rs. 1,263.3 crores (the “Offer Size”), subject to the terms and conditions mentioned in this Public Announcement, the detailed public statement (the “DPS”) and the letter of offer (the “LOF”) that are proposed to be issued in accordance with the SEBI (SAST) Regulations.
- Price/ consideration: The equity shares of the Target Company are frequently traded in terms of the SEBI (SAST) Regulations. The Offer Price of Rs. 66.00 per Offer Share is in accordance with Regulation 8(2) of the SEBI (SAST) Regulations. |
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