Schenectady Makes Public Offer For 20% Of Herdillia

Schenectady (India) Holdings Ltd (SIHL) along with Schenectady International Inc (SIL) has announced a public offer to purchase 20 per cent of the existing equity capital of Herdillia Chemicals, a GP Goenka group company, for Rs 20 a share. The offer will open on August 20 and close on September 18.

SIHL has entered into a purchase and sale of shares agreement with Duncans Industries, the GP Goenka group flagship, representing itself and certain individuals and companies to acquire 5,521,723 fully paid up equity shares of Rs 10 each in Herdillia Chemicals.

In accordance with the provisions of Sebi regulations, SIHL along with SIL, as persons acting in concert, are making a public offer to all shareholders of Herdillia to acquire up to 22,05,000 shares, representing 20 per cent of the outstanding equity share capital of Herdillia at a price of Rs 20 per share.

It may be mentioned that the over $800-million SIL manufactures a wide range of products in electrical insulations and construction chemicals and has a presence in more than 11 countries.