C.R. Sukumar

Hyderabad, Oct. 7

IN a bid to derive benefits of a listed company in the bullish stock market, a New Delhi-based realtor, Savera Construction Pvt Ltd (SCPL), has acquired 32.37 per cent equity holding in the Hyderabad-based loss-making Internet services and software development company Online Media Solutions Ltd (OMSL).

According to the merchant banking sources here, SCPL has entered into a share purchase agreement with the main promoter of OMSL, Mr K. Srinivasa Rao, to acquire 34 lakh fully paid-up shares of OMSL at Rs 2 per share on Saturday last.

The OMSL stock is listed on the BSE and the Hyderabad Stock Exchange. The stock is infrequently traded on the bourses. The BSE had suspended trading in the OMSL shares from May this year. The company has an issued and subscribed capital of Rs 10.49 crore consisting of 1.04-crore fully paid-up equity of Rs 10 each and 22,300 partly paid-up shares.

"Savera Construction is into real estate related activities and intends to diversify into telecommunications and information technology sector. The acquirer intends to initiate these activities through Online Media and also intends to derive the benefits of a listed company," merchant banking sources told Business Line.

In terms of the SEBI's Takeover Guidelines, Savera Construction proposes to come out with an open offer to the OMSL shareholders to acquire up to 21 lakh equity shares of Rs 10 each, representing 20 per cent holding, at a price of Rs 2 per share. The open offer would begin in November third week to close in the second week of December, sources said.

(This article was published in the Business Line print edition dated October 8, 2005)
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