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| Nahar Group to increase promoter's stake |
| BS Reporter / New Delhi/ Chandigarh Feb 17, 2010, 00:50 IST |
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The Nahar Group led by Jawahar Lal Oswal, has decided to consolidate and enhance its promoter stake in Nahar Capital and Financial Services Limited (NCFSL), a non-banking finance company listed at the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).
The parent company of the group Oswal Woollen Mills Limited (OWM), will be making an open offer to the shareholders of NCFSL for the acquisition of 20,41,813 fully paid-up equity shares of Rs 5 each, representing 12.19 per cent of the total paid-up equity share capital at a price of Rs 75 per share (which is calculated as per the rules and regulations of Sebi), which will be paid in cash in accordance with the provisions of Sebi Takeover Regulation and subject to the terms and conditions that will be set out in the Letter of Offer in relation to the Open Offer to be subsequently mailed to all the shareholders on the specified date ie March 1.
After the acquisition of shares through Open Offer, the promoter stake will rise to 75 per cent thus ensuring that the public shareholding in Nahar Capital and Financial Services Limited does not fall below 25 per cent the minimum level of public shareholding required to be maintained under the Listing Agreement entered into by Nahar Capital and Financial Services Limited with BSE and NSE.
The public announcement in respect of the open Offer has already been made on 12th Feb., 2010. Now the company shall be filing the Letter of Offer to the SEBI for its approval. After getting approval the Letter of Offer alongwith the necessary documents will be sent to the shareholders of the company whose names shall be appear in the Register of members or Register of beneficial owner, maintained by the Depositories on the specified date ie March 1, 2010.
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