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Unilever's HUL open offer to begin June 21

India Infoline News Service | Mumbai | May 09, 2013 08:43 IST

The open offer would begin on June 21 and close on July 4, HUL said.

HSBC Securities and Capital Markets (India) Pvt Ltd ("Manager to the Open Offer") on behalf of the Unilever PLC ("Acquirer) along with Unilever N.V. in its capacity as person acting in concert (the PAC) has informed this Detailed Public Statement ("DPS") the public shareholders of the Hindustan Unilever Ltd ("Target Company"), in compliance with Regulation 6 read with Regulations 13(4), 14 and 15(2) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (SEBI (SAST) Regulations, 2011"), pursuant to the Public Announcement (PA) filed on April 30, 2013 with the BSE Limited ("BSE), the National Stock Exchange of India Limited ("NSE"), the Securities and Exchange Board of India ("SEBI") and the Target Company in terms of Regulation 6 of the SEBI (SAST) Regulations, 2011.

The Offer:

This Open Offer is for the acquisition of 487,004,772 Shares representing 22.52% of the Voting Share Capital of the Target Company. The price being offered under this Open Offer is Rs600 per Share (the "Open Offer Price'), in accordance with Regulation 8 of the SEBI (SAST) Regulations, 2011.

The Open Offer Price will be payable in cash by the Acquirer, in accordance with the provisions of Regulation 9(1)(a) of the SEBI (SAST) Regulations, 2011.

The open offer would begin on June 21 and close on July 4, HUL said.

Last week, HUL's board had constituted a committee of independent directors to provide recommendation to the shareholders about the open offer.

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