Cookson open offer to Foseco India on Jan 3

UK-based Cookson Group Plc's today announced the revised date to make an open offer to the shareholders of Foseco India for acquiring 20% stake is January 3.

Earlier, the offer scheduled to open on December 5 but was postponed indefinitely by the company.

The offer would close on January 22, the company added.

The Cookson Group proposed to acquire up to 1,277,292 equity shares, representing around 20% stake in Foseco India, at Rs 420 per share.

Foseco India was originally promoted as a joint venture by Greaves and UK-based Foseco. It manufactures 400 products for the metallurgical industry, including steel and foundry.

The company's market covers integrated steel plants such as SAIL and TISCO, mini mills such as Mukand, Kalyani and Musco and foundries such as Ennore Foundries and Lakshmi Machine Works.

The company, which has its manufacturing plants in in Kolkata, Jamshedpur, Pune and Puducherry, mainly exports its products to West Asia, South-East Asia, Sri Lanka, Nepal, Kenya, Ghana, Bangladesh, Singapore and Taiwan.