| Chhabria brothers make open offer to shareholders of Herbertsons
For acquiring 20% equity stake at a price of Rs 90.50 per share
K.R. Chhabria and M.D. Chhabria (the acquirers) have made an open offer to the shareholders of Herbertsons (HL) pursuant to Securities Appellate Tribunal (SAT) order dated 1 August 2003, to acquire from them up to 19,04,465 equity shares (representing 20
% of the paid-up share capital of HL) at a price of Rs 90.50 per share (the offer price), payable in cash.
SAT has also directed the acquirers to pay interest at 15% per annum from 24 February 1995 till the date of the actual payment of consideration for shares to be tendered in the offer, only to those persons who were holding shares of HL as on 25 January 1
995 and continue to be shareholders eligible to participate in the offer.
The specified date for the offer is 1 September 2003.
The offer opens on 3 October and closes on 1 November 2003.
Lazard India is the manager to the offer.
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