Balrampur Chini offers to acquire 47.24% in Indo Gulf Industries

New Delhi, Aug 24 (UNI) Balrampur Chini today announced an open offer for acquiring equity stake equivalent to 47.24 per cent of the total voting capital in Indo Gulf Industries Ltd.

The company will acquire 37,15,000 fully paid up equity shares of Rs 10 each, representing 38.83 per cent of the total equity share capital and 47.24 per cent of total voting equity share capital of the company at a price of Rs seven per share.

The specified date for the offer is August 28 and the date of opening of the offer is October 16. The offer closes on November 6.

Recently Kolkate-based Saraogis of Balrampur Chini Mills Ltd (BCML) had picked up a 27.54 per cent controlling stake in Indo Gulf Industries Ltd, belonging to the S K Garg group.

The Saraogis had bought the shares alongwith the company's liability for a total consideration of Rs 50 crore.

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