Financial Daily from THE HINDU group of publications
Sunday, Oct 23, 2005
Financial Daily from THE HINDU group of publications Sunday, Oct 23, 2005 |
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Corporate
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Mergers & Acquisitions Subhash Chandra, associates pick 11% in Essel Propack Our Bureau
Mumbai , Oct. 22 ESSEL Propack Ltd has informed the NSE that Mr Subhash Chandra, Promoter and Chairman of the company, and entities directly or indirectly controlled by him have acquired 34,31,661 equity shares constituting 10.96 per cent of the paid-up share capital of the company from Arfen Hsu Ltd, through an off market route under the terms of the share purchase agreement. Lazarus Investments Ltd, Mauritius, (acquirer) has acquired 34,14,000 shares aggregating 10.9 per cent of the share capital of Essel Propack on October 19 and Mr Chandra 17,661 shares aggregating 0.06 per cent. The mode of acquisition is inter-se transfer and the shareholding of Mr Subhash Chandra and Lazarus Investments after the acquisition is 1.5 crore shares aggregating 47.97 per cent of the total paid-up capital of Essel Propack Ltd. The promoters' holding was 37.01 per cent at the end of September 2005 quarter. The company had earlier approved a buyback of shares under the open market purchases scheme.
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