Open offer to keep Kamat Hotels busy

The stock of Kamat Hotels will remain active this week due to open offer. Clearwater Capital Partners has made an open offer to acquire 26 per cent stake in Kamat Hotels after it converted foreign bonds issued by the company into equity shares. Clearwater is offering a price of Rs 135/equity share for the acquisition of 49.64 lakh shares aggregating to Rs 67 crore. The offer is open between December 20, 2012 and January 3. The stock is currently ruling at Rs 133. Prior to conversion of the bonds, Clearwater’s shareholding in Kamat Hotels was 23 per cent, which went up to 30.87 per cent after the conversion of the FCCBs triggering the open offer.