KGPL Industries & Finvest to acquire Soma Textiles' shares through a revised open offer

A public announcement cum corrigendum to Detailed Public Statement (DPS) has been issued by Arihant Capital Markets Ltd., on behalf of KGPL Industries & Finvest Private Ltd., in respect of open offer to the equity shareholders of Soma Textiles and Industries Ltd., (“Target Company”) pursuant to and in compliance with Regulation 3(1) read with Regulation 3(3) & 13(2) of the Securities and Exchange Board of India Regulations 2011 and amendments thereto.

Jan 31, 2017 07:01 IST India Infoline News Service

A public announcement cum corrigendum to Detailed Public Statement (DPS) has been issued by Arihant Capital Markets Ltd., on behalf of KGPL Industries & Finvest Private Ltd., in respect of open offer to the equity shareholders of Soma Textiles and Industries Ltd., (“Target Company”) pursuant to and in compliance with Regulation 3(1) read with Regulation 3(3) & 13(2) of the Securities and Exchange Board of India Regulations 2011 and amendments thereto.

Upward revision of the offer price

The acquirer, in consultation with the Manager to the offer, has revised the offer price upwards from existing Rs 7.50 per equity share, the revised offer price payable to the shareholders being as under:

a. Rs 10.16 per Equity share (inclusive of interest of Rs 2.20 to the shareholders in respect of the Equity shares held by them in the Target Company as on Mar 14, 2014 and which continue to be held as on date and are validly tendered/ accepted in the open offer)

b. Rs 7.96 in respect of remaining equity shares not falling under (a) above, which are validly tendered/accepted in the open offer.

The maximum purchase consideration payable by the acquirer in case of full acceptance of this offer would be Rs 8,72,59,972.80 for acquisition of 85,88,580 equity shares at the revised offer price.

Stock View:

Soma Textiles & Industries Ltd is currently trading at Rs 8.95, down by Rs 0.16 or 1.76% from its previous closing of Rs 9.11 on the BSE.

The scrip opened at Rs 9.05 and has touched a high and low of Rs 9.15 and Rs 8.85 respectively. So far 28092(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 30.09 crore.

Related Story