Nirma fixes offer price for public shares at Rs 260

PTI New Delhi | Updated on January 31, 2011

Ahmedabad-based FMCG firm Nirma Ltd today said that it has fixed the offer price for acquisition of shares held by the public at Rs 260 apiece, following which the company will delist from the bourses.

The discovered price — the price at which the maximum number of equity shares were tendered by public shareholders in accordance with SEBI regulations — is Rs 260 per share, the company said in a filing to the Bombay Stock Exchange.

“The acquirers (the company) have accepted the discovered price of Rs 260 per share (final price) and shall accept all bids at or below the final price,” it said.

Shareholders of the company who have validly tendered their shares at or below the final price will be paid a consideration of Rs 260 per share, it added.

In December, Nirma had announced that it will delist from the bourses. In this regard, it said it would acquire all the 3.63 crore outstanding shares held by the public, amounting to 22.83 per cent of the firm’s equity capital.

At the discovered price, the total outgo of the company on acquisition of shares held by the public is estimated at over Rs 940 crore.

Payment to shareholders whose shares have been accepted under the offer will be completed on or before February 4, it said.

The company shares ended the session higher at Rs 253.20 on the BSE today, up 1.12 per cent from the previous close.

Published on January 31, 2011

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