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Titagarh Wagons has made an open offer to buy 25.08 per cent residual stake in Cimmco. VC Corporate Advisors, manager to the issue, has set the acquisition price at ₹15.50 a share to mop up 50.53 lakh shares from the public.
Titagarh Wagons’s recent acquisition of stake from its erstwhile partner SK Birla group in Cimmco triggered this open offer. If the offer is subscribed fully, the Cimmco stock would stand delisted from the exchanges.
The open offer, which commences on Friday, closes on July 24. Cimmco will announce the acceptance/ rejection and payment of consideration on August 8. On Tuesday, the stock of Cimmco closed 4.93 per cent lower at ₹46.25 on the BSE.
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