Tolani Ship Plans Offer For Bulk Carriers

Tolani Shipping Company is planning to make an open offer to shareholders of the Mumbai-based Tolani Bulk Carriers (TBCL) for acquiring 31.01 per cent of TBCL's total paid-up equity shares at par.

The offer, which will not be conditional to any minimum level of acceptance, will open on October 8 and will close on November 6.

TBCL is jointly promoted by Tolani Ltd and Tolani Shipping Company. The specified date for the purpose of determining the names of the shareholders to whom the letter of offer (LoO) would be sent is September 11.

The directors and their relatives hold about 35 per cent stake in the company, while the rest is held by banks, financial institutions, corporate bodies and others, including the public. The company is listed on the Bombay Stock Exchange (BSE), the National Stock Exchange (NSE) and the Ahmedabad Stock Exchange.

 

TBCL's share price today zoomed 25 per cent to close at Rs 7.50 at the BSE and 50 per cent to close at Rs 9 at the NSE over the previous close. A sum of about 8,700 shares were traded collectively at both the bourses.

N P Tolani, N P Tolani, P N Tolani, R N Tolani, Sujata Naik, Arshana Tolani, Jivesh R. Tolani and Jyra Overseas are the persons acting in concert for the open offer.