SC asks Ray Ban to make open offer

Luxottica Group S.p.A and Ray Ban Indian Holdings Inc have been directed by the Supreme Court,  vide order dated December 12, 2006, to make an open offer to the shareholders of RayBan Sun Optics India under Regulations 10 and 12 of the Sebi takeover regulations within 45 days.

According to a release used by Ray Ban to the BSE today, the referral date for calculation of open offer price is April 28, 1999.

"The Supreme Court has also directed Luxottica Group S.p.A. to pay the offer price with interest at the rate of 10% per annum with effect from August 27, 1999 till the date of payment to all those who were shareholders on August 27, 1999, and continue to be shareholders of RayBan Sun Optics India Ltd on the closure date of the public offer," the release added.