The Hindu Business Line : Coromandel makes open offer for Ficom

Coromandel Fertilisers Ltd has informed the National Stock Exchange that an announcement is being issued by Keynote Corporate Services Ltd (Manager to the Offer), on its behalf, to acquire controlling stake in Ficom Organics Ltd.

The acquirer has announced an offer under SEBI Regulations to acquire by tender up to 14,85,880 fully paid-up equity shares of Rs 10 each of Ficom Organics representing 24 per cent of its paid-up equity share capital. This is 4 per cent more than the minimum 20 per cent of voting capital as specified in Regulation 21 (1) of Regulations, from the remaining shareholders of Ficom Organics on the terms and subject to the conditions set out at a price of Rs 15.85 per equity share payable in cash. The offer is not subject to any minimum level of acceptance. The date of closing of the offer is June 1, 2005.

It may be recalled that Coromandel Fertilisers had, in March, announced it had entered into a share purchase agreement with the promoters of Ficom to acquire controlling stake in the company.

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