Apar Industries to buy Uniflex CablesBS Reporter / Mumbai February 11, 2008The board of directors of Apar Industries, which met today, approved a proposal to acquire majority stake in Uniflex Cables.According to a release issued by Apar to the BSE today, the company has signed an agreement with selling shareholders of Uniflex Cables to buy 4.081 million shares of Rs 10 each at Rs 48.50 per share totalling Rs 19.79 crore, and 2.9268 million fully convertible debentures (FCDs) of Rs 25 each at Rs 48.50 per FCD for Rs 14.19 crore from ADM Maculus Fund II LP.Apar is also buying 2.95 million warrants of Rs 25 each on which Rs 2.50 has been paid at Rs 26 per warrant for Rs 7.67 crore from ADM Maculus Fund II LP, the release added.According to the release, "the company will subscribe to four million fresh equity warrants at Rs 42.50 per warrant convertible into equity shares in the ratio of 1:1." "The company is required to make an open offer under Regulations 10 and 12 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997, as amended ("SEBI Takeover Regulations
