MEIL Holdings Limited is set to make an open offer to acquire shares of Olectra Greentech Limited, formerly Goldstone Infratech Limited, a maker of electric buses in venture with BYD Group of China.
MEIL Holdings Limited is part of billionaire Krishna Reddy and promoter of infrastructure and construction major Megha Infrastructure and Engineering Limited.
In a notification to BSE, Olectra Greentech has informed, “Independent Director Committee Recommendations for open offer for acquisition of up to 2,37,06,992 crore (2.37 crore) equity shares of Olectra Greentech Limited as per the SEBI Substantial Acquisition of Shares and Takeovers Regulations, 2011. The offer is for equity shares of Rs 4 face value each at Rs 175.30 per share of fully paid up equity shares payable in cash representing 26 per cent of the company equity.
Yes Securities (India) Limited has been appointed as the manager for the open offer. IDC, which is also a shareholder in the company, has certified that the price of the open offer of Rs 173.30 per equity share appears to be justified.
Olectra scrip closed at Rs 206.45 on Monday in BSE index.