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Acquirers of SRP Tools told to make public offer

Our Bureau

Mumbai , Sept. 17

THE Securities and Exchange Board of India has directed Andavar Investments Pvt Ltd, Subramanian Investments Pvt Ltd, Valliammai Investment Pvt Ltd and Ramanath Investments Pvt Ltd, to make a fresh public offer under SEBI's Delisting of Securities Guidelines with regard to the acquisition of the remaining shares of SRP Tools Ltd.

The offer has to be made within a period of 45 days, says the order.

The promoters of SRP Tools, who were already holding 74.998 per cent of its share capital, made a public announcement to acquire the balance shareholding from the public. The order observed that the intended acquisition of the balance shareholding of the target company by the promoters would clearly fall within the purview of the delisting guidelines.

"It was therefore felt appropriate, in the interest of the public shareholders, to insist on the acquirers to abide by the delisting guidelines for proposed acquisition of the entire balance shareholding from the public," the order said.

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