The Hindu Business Line : SSI stake sale triggers open offer for Aptech

SSI Ltd has sold 10 per cent of its stake in Aptech Ltd to Aptech Investments. Following this, SSI's stake in Aptech Ltd has been reduced to 5.60 per cent, according to an SSI official.

SSI sold 33.51 lakh shares at Rs 56 a share, totalling Rs 18.76 crore. Aptech Investments will also pay SSI a sum of Rs 3 crore as non-compete amount (this dissuades SSI from competing with Aptech in the education space).

It may be recalled that in May this year SSI sold 10.15 per cent of its total equity in Aptech Ltd for about Rs 17 crore. Consequent to that transaction, SSI's holding in Aptech came down to 15.60 per cent from 25.75 per cent.

The latest SSI sale has, in turn, triggered an open offer by Aptech Investments to acquire up to 20 per cent of Aptech Ltd, the computer education company.

Aptech Investments has offered to purchase from public shareholders of Aptech Ltd up to 68.90 lakh shares at Rs 61 each, totalling Rs 42.02 crore, says a public announcement issued by IL&FS Investsmart, lead managers to the offer.

Aptech Investments is a partnership formed by three companies — Marganta Textiles (promoted by the Mumbai-based broker Mr Rakesh Jhunjhunwala), Damani Investments and ASK Investment and Financial Consultants, says the announcement.

The offer will open on September 5 and close on September 26.

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SSI stake sale triggers open offer for Aptech