Financial Daily from THE HINDU group of publications
Saturday, May 27, 2006
Financial Daily from THE HINDU group of publications Saturday, May 27, 2006 |
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Info-Tech
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Mergers & Acquisitions Corporate - Open Offers MphasiS chief to sell 18.75 lakh shares to EDS Our Bureau
Bangalore , May 26 MphasiS BFL Chairman and Managing Director, Mr Jaithirth Rao, has offered to sell 18.75 lakh shares to EDS through the open offer. With his offer, Mr Rao's holding in MphasiS would get reduced to 2.8 per cent from the current 3.97 per cent. Mr Rao would be richer by Rs 38 crore if the entire 18.75 lakh shares that he has tendered in the open offer are accepted. EDS' open offer to acquire 52 per cent stake in MphasiS at Rs 204.5 per share opened on May 17 and will close on June 5. Citigroup Global Markets India Pvt Ltd acting on behalf of TH Holdings along with EDS advanced the open offer schedule recently. MphasiS shares closed lower by 1.19 per cent on Friday at Rs 190.25. The offer will be contingent upon EDS acquiring 83 million shares, representing approximately 52 per cent of current shares outstanding. If at least 83 million shares are not tendered in the offer, EDS will not accept any shares tendered.
More Stories on : Mergers & Acquisitions | Open Offers | Software
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