Bombay Minerals along with Cura Global Holdings, Mauritius to acquire 25.52% stake in Orient Abrasives
Ashapura Minechem announced that the Company hereby place on record the events that have been transcribed on 08 June 2015.1. The Company's Wholly-owned Subsidiary Bombay Minerals along with Cura Global Holdings, Mauritius (a part of the prominent overseas investment fund Lambasa Global Opportunity Fund B.V.) have signed an agreement to jointly acquire 25.52% of equity shares of Orient Abrasives ('OAL') at a price of Rs. 29.50 per share from its current promoters.
2. In accordance with the prevalent open offer rules and regulations as stipulated under SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 2011, they shall also make an open offer for acquisition of OAL's shares from the public up to 26% at Rs.29.50 per share.
3. The appropriate Public Announcement has been submitted on behalf of the Acquirers by the Manager to Open Offer to the Stock Exchanges where the Shares of Orient Abrasives (Target Company) are listed.
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