The Hindu Business Line : Herbertsons open offer on January 16 as per SC order

THE Kishore Chhabria Group and the UB Group have fixed January 16 next year as the opening date for the open offer of Rs 220 per share for Herbertsons.

The bid closes two days later on January 18.

A notice to the Bombay Stock Exchange on the proposed offer said, manager to the offer is Ambit Corporation Finance Pvt Ltd on behalf of Kingfisher Radio Ltd, (formerly known as Variegate Trading Ltd) ("acquirer") a wholly owned subsidiary of United Breweries (Holdings) Ltd, acting in concert with the McDowell & Company Ltd and Phipson Distillery Ltd ("PACs"), pursuant to the Securities and Exchange Board of India (delisting of securities) Guidelines 2003, the orders of the Supreme Court dated March 7, 2005 and May 4, 2005 in Civil Appeal of 2003 and other allied matters between the Kishore Chhabria Group and the UB Group and SEBI.

The Supreme Court had ruled that the open offer and competitive bid already made by the two Groups and in respect of which shares were tendered and payment were made shall not be disturbed and the investors whose shares were accepted in the open offer shall be paid the differences if the delisting price works out higher than the open offer price.

The order also said in case the offer made by the purchaser under SEBI (Delisting of Securities) Guidelines 2003 fails they shall bring back the public shareholding in the Herbertsons Ltd to the minimum limits specified by the listing agreements within a period of six months in accordance with clause 9.2 of the SEBI Delisting Guidelines.

The final settlement date has been fixed for January 20.

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