United BV makes open offer for 20% of Bombay Rayon

Our Bureau Mumbai | Updated on April 07, 2011

The Netherlands-based AAA United BV, Aktieselskabet and Ashwell Holding Company Ltd has launched an open offer to acquire 20 per cent stake (28.42 million shares) in Bombay Rayon Fashions at Rs 300 a share.

The offer opens on May 30 and closes on June 18, Axis Bank, the manager for the offer said in a statement on BSE on Thursday.

AAA United BV holding in Bombay Rayon has risen to 40 per cent after conversion of 3.3 crore Global Depository Receipts. Earlier, AAA United owned about 14.07 per cent stake.

AAA United BV is an independent financial institution owned by Mr Anders Povlsen. As of the March quarter, the promoters of Bombay Rayon held 31 per cent stake.

Bombay Rayon shares were down 0.07 per cent at Rs 279 on Thursday.

Published on April 07, 2011

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