The Pawan Ruia-led management of Dunlop India Ltd will soon come out a with an open offer to meet the Securities and Exchange Board India conditions of takeover in 2005.
"We will come out with an open offer for Dunlop which will be close to (Rs 29.63 plus interest) Rs 44 a share, taking account of interest. We have already applied with the regulator and we expect to open in the next three to four weeks," Dunlop Chairman Pawan Ruia said today.
However, as the share listed in the Bombay Stock Exchange is trading at Rs 84, it will not attract any interest from shareholders to offload shares.
Dunlop was relisted in January 2010. Its lowest and highest price was Rs 50 and Rs 138 a share of Re 1.
Promoters holding is at 74.5 per cent. Out of 25 per cent public holding domestic institutions holds 11.35 per cent and corporate bodies 7.3 per cent.
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