Chemoil announces open offer for additional equity stake

Mumbai, Aug 21 (UNI) Hong Kong based Kemoil announced today that it will make an offer for acquiring additional 20 per cent equity stake from the existing shareholders of California Software (CALSOFT) under the SEBI -Substantial Acquisition of Shares and Takeovers regulations.

Kemoil is a subsidiary and investment arm of Singapore Exchange Mainboard-listed Company, Chemoil Energy.

Chemoil Executive Chairman and CEO Robert V Chandran told mediapersons, ''This open offer became mandatory consequent to allotment of 2.2 million equity shares of Rs 10 on a preferential basis at a price of Rs 100 per share (including premium of Rs 90) to Kemoil on August 17, under which it invested Rs 2.20 crore in CALSOFT. Kemoil also had 0.93 million equity shares allotted on conversion of debentures it held in CALSOFT as per the conversion terms.'' Meanwhile, CALSOFT Managing Director and Chief Executive Officer Sam Santhosh stated, ''The open offer is expected to open in October , subject to all statutory clearances being received and if fully tendered by existing shareholders, will increase Kemoil's equity stake in CALSOFT upto 67.71 per cent post the open offer. The open offer for additional stake in CALSOFT will be made at Rs 100 per share, which is based on the statutory guideline for the pricing of such an offer.'' UNI