Financial Daily from THE HINDU group of publications
Thursday, Feb 24, 2005
Financial Daily from THE HINDU group of publications Thursday, Feb 24, 2005 |
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Corporate
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Open Offers Pantaloon makes open offer for 20% in Galaxy Our Bureau
Mumbai , Feb. 23
PANTALOON Retail India has informed Bombay Stock Exchange that it is making an offer to the shareholders of Galaxy Entertainment Corporation Ltd to acquire 25.42 lakh fully paid equity shares of Rs 10 each, representing 20 per cent of the post issue voting capital priced at Rs 51 per share payable in cash and subject to terms and conditions. The specified date is March 18, and the offer will open on April 14 and close on May 4. Edelweiss Capital Ltd is manager to the offer for Pantaloon. Earlier this month, Pantaloon Retail had announced that it was taking a 15.73 per cent stake in Galaxy Entertainment Ltd. The purchase will have Pantaloon entering the leisure and entertainment business. It already owns Pantaloon, Big Bazaar and Food Bazaar and Central. Galaxy owns and operates Sports Bar, Bowling Company and Rain Restaurant in Mumbai.
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