Eight Capital, Spinnaker Funds offer to buy 20 pc stake in Pennar

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Mumbai, Jan 23 (UNI) Eight Capital and Spinnaker Funds propose to acquire 20 per cent shares of Pennar Industries.

Eight Capital and Spinnaker Funds, the acquirers, have made a public announcement to the shareholders of Pennar about their offer to acquire upto 2,52,95,496 equity shares of Rs 5 each, representing 20 per cent of the voting rights in Pennar. The offer price has been pegged at Rs 14.75 per share.

The equity shares will be transferred in favour of Eight Capital and Spinnaker Funds in the ratio of 25.55:74.45.

UNI AR MAZ SKB1403

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