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SBG Projects Investments Ltd, Skylight Investment (Mauritius) Ltd and Infrastructure Leasing and Financial Services have changed the open offer terms for acquisition of 20 per cent in IL&FS Engineering and Construction Company Ltd (formerly Maytas Infra Ltd.)
The move follows a SEBI observation to revise the open offer by including interest at 10 per cent for delay in payment beyond original scheduled date of September 15, 2010.
Accordingly, interest of Rs 12.349 was calculated at 10 per cent per annum from September 15, 2010 to May 3, 2011, which is the latest scheduled date for payment of consideration.
According to initial open offer terms, a Rs 10 fully paid-up share with premium of Rs 185.72 was to be paid to the shareholders. Assuming that the offer is fully accepted, the consideration works out to about Rs 323 crore.
The date of closing of the offer now has been changed to April 18, 2011, as against initial closing date of August 31, 2010.
The authorised share capital of IL&FS Engineering was increased to Rs 50 crore, comprising 15 crore equity shares of Rs 10 each and 3.5 crore of preference shares of Rs 10 each. The issue and paid-up capital has been enhanced to 77,37,00,250, which includes new allotments and issue of 30,60,036 shares under the Corporate Debt Restructure issue.
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