Balrampur Chini buys 29.15 % stake in Indo Gulf Industries

New Delhi, Dec 22 (UNI) Balrampur Chini Mills Ltd today said it has acquired 29.15 per cent (including 26.42 per cent under the Open Offer) of the equity shares of Indo Gulf Industries Ltd.

Further, 24.81 per cent of the equity share capital would be acquired by the company after getting necessary approval from the RBI and vacation of stay order from the court and completing other necessary formalities, a statement issued said.

The purchase has been made according to the share purchase agreement dated August 18 last and the subsequent open offer to the shareholders of Indo Gulf Industries Ltd.

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