The Hindu Business Line : SRF Polymers’ promoters make open offer

New Delhi, Nov. 24 The promoters of SRF Polymers Ltd, Bhairav Farms Pvt Ltd and Narmada Farms Pvt Ltd (acquirers) along with Mr Arun Bharat Ram (person acting in concert or PAC), have made an open offer to the shareholders to purchase 8.24 per cent stake in the company.

The specified date for the open offer has been fixed as November 30 and the share purchase offer opens on January 17 and closes on February 5. “The offer has been made to the public shareholders of SRF Polymers to acquire up to 5,31,597 fully paid up equity shares of Rs 10 each, which is 8.24 per cent of the stake at a price of Rs 180 per share,” Mr Ashish Bharat Ram, Managing Director of SRF Ltd, told Business Line.

The shareholding of the promoters and promoters’ group in the company is at 66.76 per cent and after the open offer, it is expected to touch 75 per cent.

As per the SEBI guidelines, all corporates holding above 15 per cent but below 75 per cent will have to go in for an open public offer for acquiring shares beyond the five per cent limit.

The manager to the open offer — Enam Securities Pvt Ltd – also made a public announcement on behalf of the acquirers and the PAC in compliance with Regulation 11(2A) of SEBI.

For the quarter ended September 30, 2007 the net sales of the company was at Rs 44.85 crore.

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