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Our Bureau

Kolkata, Oct. 31 Kolkata-based broker Mr C.V. Desai and his associates have picked up Avery India stock from the open market this month and their combined holding has crossed 5 per cent of the paid-up capital of the company on Friday.

This comes before the open offer by ITW Global Investments Inc, Avery India’s new overseas parent, for 20 per cent stake.

The open offer, under SEBI takeover rules, with a specified date of October 31, opens on November 25 and closes on December 15. The offer price is Rs 62.50 a share of Rs 10 each.

The stock closed at Rs 60 on Friday, up 2.65 per cent. The overseas promoters hold 58.28 per cent stake in Avery India.

In 2007, Avery India public shareholders had largely spurned an open offer, caused by earlier indirect takeover. The offer price was Rs 80 then.

According to market sources, public shareholders may not enthused over the current offer price for the debt-free company with a book value of Rs 55 a share. Among the public shareholders, LIC hold a little over 5 per cent.

ITW Global Investment is an arm of ITW (formerly Illinois Tool Works), which has a presence in India through ITW Ltd, formerly ITW Signode India, which was de-listed from the bourses in 2001.

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