Blackstone's open offer to Gokuldas opens on Jan 9

Mumbai, Jan 4 (UNI) World's biggest private equity fund Blackstone Group's open offer made to the shareholders of garment manufacturer Gokaldas Exports for a 20 per cent stake in the company will open on January 9.

The offer was scheduled to open on October 5 and close on October 24, 2007. As per the revised schedule of activities the offer would now open on January 9 and close on January 28, Gokaldas Exports said in a filing to the Bombay Stock Exchange.

However, the other terms and conditions of the offer remain unchanged, the company added. Earlier in August, the Blackstone Group had acquired 50.1 per cent stake in the company from the promoters and this transaction triggered the open offer for an additional 20 per cent stake in the company.

Blackstone Group had said that it would acquire up to 70.1 per cent stake in Gokaldas Exports for an estimated Rs 675 crore.

Blackstone proposes to acquire, up to 6,875,200 fully paid up equity shares representing 20 per cent of the equity capital from the existing shareholders of Gokaldas Exports at a price of Rs 275.

Kotak Investment Bank acted as the exclusive financial adviser for this transaction and is the manager to the open offer being made by Blackstone.

Shares of Gokaldas Exports were quoted at Rs 266.10 on January 3 and were trading at Rs 268.90, up by 1.05 per cent on the BSE in the morning trade today.

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