Thiagarajar Promoters Told To Revise Offer

The Securities and Exchange Board of India (Sebi) has asked the promoters of Thiagarajar Mills to revise the offer price for 6.17 per cent stake in the company to Rs 736 per share.

This follows the promoters application to the market regulator seeking exemption from public announcement for delisting of the stock. The Thiagarajar Mills stock is listed on Chennai and Coimbatore bourses.

The promoters, who have a 93.83 per cent stake, intended to offer Rs 70 per share for 4.95 per cent shareholding as the owners of these shares agreed to sell at that rate. The 4.95 per cent stake is controlled by three shareholders.

 

The promoters, however, were ready to fork out Rs 500 per share for the balance 1.91 per cent stake. The offer price was later revised to Rs 736 per share.

In an order passed today, Sebi asked the promoters to come out with a uniform offer replacing differentiation of prices on the basis of the shareholders