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NOTICES
Notice No.   20190814-7   Notice Date   14 Aug 2019
Category   Trading   Segment   Equity
Subject   Opening of Offer to Buy – Acquisition Window (Takeover) for Salem Erode Investments Limited
Attachments   Letter of Offer.pdf ;
Content

Trading Members and Custodians are requested to note that Securities Exchange Board of India (SEBI) has issued Mechanism for acquisition of shares through Stock Exchange pursuant to Tender-Offers under Takeovers, Buy Back and vide its circular no. CIR/CFD/POLICYCELL/1/2015 dated April 13, 2015 and no. CFD/DCR2/CIR/P/2016/131 dated Dec 09, 2016. The Exchange vide its notice no. 20190424-35 dated April 24, 2019, has issued Revised Guidelines of Mechanism for acquisition of shares through Stock Exchange pursuant to Tender-Offers under Takeovers, Buy Back and Delisting.

 

All Market Participants are hereby informed that an open offer is being made by ICL Fincorp Limited (“Acquirer”) to the eligible equity shareholders of Salem Erode Investments Limited (“Target Company”) to acquire up to 29,50,280 (Twenty Nine Lakhs Fifty Thousand Two Hundred Eighty only) Equity Shares of the face value of Re. 1 each ("Offer Shares"), representing 25.73% of  the total Voting Share Capital of the Target Company on a fully diluted basis, as of the tenth working day from the closure of the tendering period of the open offer (“Voting Share Capital”), from the eligible shareholders of the Target Company for cash at a price of Rs. 26.40/- per Equity Share, pursuant to Regulation 3(1) and 4 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 and subsequent amendments thereto (“the SEBI (SAST) Regulations”), from August 19, 2019 to August 30, 2019.

 

 Market participants are further requested to note that this offer will be as per the Revised Guidelines of SEBI circular no. CFD/DCR2/CIR/P/2016/131 dated Dec 09, 2016 and Exchange notice no. 20170210-16 dated Feb 10, 2017 and 20190424-35 dated April 24, 2019 along with the details of this Offer to Buy would be available on BSE Website – www.bseindia.com.

 

 

Bhushan Mokashi

Additional General Manager

Listing Sales & Ops

August 14, 2019