J & P Coats, Coats Plc To Make Offer For Madura

J&P Coats, along with Coats Plc, is making an open offer to shareholders of Madura Coats to acquire the 36.80 per cent holding in the Indian subsidiary.

The offer to acquire 2.16 crore shares at Rs 40 per share (of face value Rs 10 each) is scheduled to commence from September 23 and will close on October 22.

The offer price of Rs 40 per share offers 50.2 per cent premium to the average price of Rs 26.63 for the previous 26 weeks ending July 19, 2002.

The offer, if subscribed fully, will enhance the UK-based company