The Securities and Exchange Board of India (Sebi) has ordered Italian company Luxottica Spa to make an open offer to the shareholders of Rayban Sun Optics (formerly Bausch & Lomb, India) to acquire at least 20 per cent of the outstanding shares.
The reference date for calculating the offer price has been set at April 28, 1999. On the basis of the average of the high and low prices calculated for the six months immediately preceding this date, the offer price works out to Rs 96.35 per share. Sebi has also directed Luxottica to pay interest at the rate of 15 per cent, calculated from August 27, 1999, till the date of actual payment. This will bring the offer price close to Rs 140 per share.
In the order, Sebi chairman G N Bajpai said:
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