The Hindu Business Line : Blackstone open offer for Gokaldas at Rs 275

Mumbai, Aug. 21 Blackstone Group, which bought 50.1 per cent in Gokaldas Exports on Monday, has made an open offer at Rs 275 per share to acquire an additional 20 per cent stake in the company.

The company has fixed September 7 as specified date (which determines the names of shareholders to whom the letter of offer will be sent), while the offer will be open from October 5 to 24.

Open Offer

“The acquirer (Blackstone Group) proposes to acquirer, from the existing shareholders of the target company (Gokaldas Exports), up to 6,875,200 fully paid up equity shares representing 20 per cent of the equity capital at a price of Rs 275 of the target company, to be paid in cash in accordance with the regulations,” said Kotak Mahindra Capital Company, manager of the offer.

Shares of Gokaldas Exports on BSE gained 10.23 per cent to Rs 252. Global private equity investor Blackstone Group had acquired 50.1 per cent stake in the Bangalore-based Gokaldas Exports Ltd, one of India’s largest garment manufacturer and exporter, for about Rs 676 crore, including 20 per cent open offer.

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