Bain Cap's open offer for 20% in Himadri from Feb 25

Private equity firm Bain Capital today announced that its open offer for a 20 per cent stake in Himadri Chemicals and Industries at Rs 400 per share would open next month.

The open offer would open on February 25 and close on March 17, the company said in a filing with the Bombay Stock Exchange (BSE).

The private equity firm has made an offer to the shareholders of Himadri Chemicals to acquire up to 81,98,740 equity shares, or 20 per cent stake, in the company at a price of Rs 400 each.

The offer price is over 6 per cent below the current market price of the shares at Rs 424.90 a share.

Last week, the board of Himadri Chemicals had approved an investment of about Rs 580 crore by Bain Capital for over 35 per cent stake in the company.

As part of the deal entered into by the companies, Bain Capital would acquire 63.1 lakh shares or 15.39 per cent stake in Himadri at Rs 400 a piece, aggregating to Rs 252 crore.

Further, the PE firm was to make a mandatory open offer for an additional 20 per cent stake, resulting in a further investment of up to Rs 328 crore.

Enam Securities is acting as a manager to the offer.

This would be the first India investment by the Boston-headquartered PE firm, having an asset under management of $65 billion.

Himadri would utilise the issue proceeds to augment capacity as well for business expansion globally.