Business Standard

Warburg makes offer for Max India at Rs 200

Related News

Warburg Pincus group and associates is making an open offer to the shareholders of Max India Ltd to acquire an additional 20 per cent stake in the company for Rs 200 per share payable in cash. The offer opens on July 20 and closes on August 18.
 
Ltd and Ensley Ltd "" Warburg group entities "" are making an offer for 68.57 lakh Max India shares, said DSP Merrill Lynch, manager to the open.
 
Warburg Pincus is the largest in India with investments exceeding $850 million in the country.
 
The open offer follows Max India having divested 29 per cent shareholding in favour of Warburg Pincus through a preferential equity offering at the rate of Rs 200 per share, which will infuse fresh capital of Rs 200 crore into the Delhi-based company.
 
The price of the scrip today rose to touch a high of Rs 181 on the Bombay Stock Exchange (BSE) before closing at Rs 175.90, reflecting an increase of one per cent over yesterday's close.
 
Post-preferential issue, promoters' holding will fall to 45 per cent. "As per our agreement, at no point of time can Warburg have a higher stake in the company than the promoter group," Analjit Singh, chairman of Max India said.
 
In the eventuality of this taking place "" Warburg's holding in the company exceeding that of the promoter "" the promoters will buyback equity at the same price.

 
 

Read more on:   
|
|
|
|

Read More

Intel introduces 4th generation core processors

Chipmaker Intel today introduced 4th generation Intel core processors, which the company claims will reinvent personal computing with longer battery ...

Quick Links

Advertisement

Back to Top