Bombay Rayon Fashion today said the open offer by Dutch firm AAA United BV to buy 20% stake in the company has been delayed.
On April 6, 2011, Netherland-based AAA United BV had announced that it will buy 2.84 crore shares of face value Rs 10 each representing 20% stake in Bombay Rayon Fashion at a price of Rs 300 per share.
"The original schedule of activity is delayed and a public announcement containing the revised schedule of activity for the offer will be announced in due course," Bombay Rayon Fashion said in a filing to the Bombay Stock Exchange (BSE).
The reason for the delay was, however, not specified.
Axis Bank, which is acting as a manager to the offer, had earlier announced that the open offer will start on May 30, 2011 and end on June 18, 2011.
The company said it had submitted the draft letter of the offer to the Securities and Exchange Board of India on April 19, 2011.
Shares of Bombay Rayon Fashion closed at Rs 286.55 on the BSE, down by 0.09% from the previous close.