Subject:
Indo Tech Transformers - Updates on Open Offer
Citigroup Global Markets India Pvt Ltd ("Manager to the offer") on behalf of Prolec-Ge Internacional, S.DE R.L.DE C.V. ("Acquirer") has issued this Corrigendum to the Public Announcement to the shareholders of Indo Tech Transformers Ltd ("Target Company"), which is in continuation of and should be read in conjunction with the Public Announcement ("PA") dated December 06, 2008, wherein an open offer to acquire 21,24,000 fully paid up equity shares of the face value of Rs 10/- each of the Target Company ("Share") representing 20% of the Equity Capital at a price Rs 406.00 per Share ("Offer Price") payable in cash was made under Regulations 10 & 12 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 and subsequent amendments thereto ("SEBI (SAST) Regulations"). Capitalized terms not specifically defined herein shall have the meaning assigned in the PA.The Shareholders of the Target Company are requested to kindly note the following:-Revised Schedule of Activities:The dates with respect to various activities as per the disclosures made in the PA have undergone a change. The Letter of Offer along with the Form of Acceptance cum Acknowledgement & Form of Withdrawal is being dispatched to the Shareholders of the Target Company by March 31, 2009 & the revised schedule of activities is as follows:Specified Date - December 19, 2008Date of Opening of the Offer - April 04, 2009Date of Closing of the Offer - April 23, 2009
Current price INR 300 per share but the specified date is over. So there is no arbitrage opportunity
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31 March 2009
RSWM - De-merger of Strategic investment division of the Company
With reference to filing of Scheme of Arrangement / De-merger under Section 391-394 of the Companies Act, 1956 for de-merger and vesting of strategic investment division of RSWM Ltd as a going concern into Bhilwara Technical Textiles Ltd, approved by the stock exchange vide letter dated February 27, 2008, RSWM Ltd has now informed BSE that the Scheme of Arrangement / De-merger has become effective from March 31, 2009 with the filing of the Order dated March 09, 2009 with the ROC, Rajasthan on March 31, 2009 as required under the Companies Act, 1956. The necessary formalities for implementing the said Scheme are being complied with.
Current price INR 24.45
Mcap: 57 crore
Business:
RSWM Ltd is an India-based company engaged in the manufacturing of synthetic and blended spun yarn and fabric. The Company is an exporter of synthetic yarn, and is also engaged in cotton yarn spinning and fabric processing segments. It offers a range of products in terms of fibre blends, counts and shades. Fibres processed by the Company include polyester, viscose, acrylic, cotton, wool, rayon, silk, polyamide and linen. In addition, it produces a range of speciality products made out of both unorthodox fibres (soya protein and bamboo) and branded fibres, such as tencel and lycra. Its yarn portfolio can be classified into three main categories: grey yarn, dyed yarn and melange yarn. The Company manufactures a range of blended suiting fabrics and offers it under the Mayur brand. It also produces and exports polyester viscose blended yarn. The Company operates around 360,000 spindles and produces 100,000 metric tons of yarn per year.
Small – textile biz – closed
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31 March 2009
Apollo Tyres - Buy Back Offer
Apollo Tyres Ltd has informed BSE about the following:ICICI Securities Ltd ("Manager to the Buyback") on behalf of Apollo Tyres Ltd ("Target Company" or "Company") has issued this Public Announcement ("PA") to the Equity Shareholders / Beneficial Owners of the equity shares of the Target Company pursuant to the provisions of Regulation 8(1) read with Regulation 15(c) of the Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998 (Regulations) for the time being in force including any statutory modifications and amendments from time to time and contains the disclosures as specified in Schedule II to these Regulations.The Buy Back Offer:Pursuant to the Board Meeting of the Company held on March 19, 2009 ("Board Meeting") approving the proposal for buyback of its own fully paid up equity shares of Re 1 each ("Buyback"), the Target Company hereby announces the buyback of its own fully paid-up equity shares of the face value Re 1 each ("Shares") from the existing owners of Shares of the Company from the open market through stock exchanges using the nationwide electronic trading facilities of the Bombay Stock Exchange Ltd ("BSE") and /or the National Stock Exchange of India Ltd ("NSE") (together "the Stock Exchanges") in accordance with the provisions of Sections 77A, 77AA, 77B and all other applicable provisions, if any, of the Companies Act, 1956 ("Act") and the Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998 ("Buyback Regulations") and the relevant provisions of the Memorandum of Association and Articles of Association of the Company subject to approval/(s) as may be necessary, from time to time from statutory authorities including but not limited to Securities and Exchange Board of India, Stock Exchanges, Reserve Bank of India, etc. as required at a maximum price not exceeding Rs 25 per equity share ("Maximum Buyback Price") payable in cash, for an aggregate amount not exceeding Rs 1,220 million ("Buyback Size"). The Buyback Size represents around 10% of the aggregate of the Company's paid-up equity share capital and free reserves as at March 31, 2008 (the date of the latest standalone audited accounts) which is within the maximum permissible limit of 10% of the paid-up equity capital and eligible free reserves. The aggregate paid up capital and free reserves of the Company as at March 31, 2008 is Rs 12,205.95 million.The actual number of equity shares to be bought back would depend upon the average price paid for the equity shares bought back and the amount deployed in the Buyback in accordance with the resolution passed by the Board of Directors of the Company on March 19, 2009.The Company proposes to buyback a minimum of 6.7 million equity shares.As per section 77A of the Act, the buyback of equity shares in any financial year shall not exceed twenty-five percent of the total paid-up equity capital of the Company in that financial year. Accordingly, the present offer shall be within the prescribed limits and restricted to the number of shares as mentioned in above.The Maximum Buyback Price of Rs 25/- is at a premium of 36.84% and 36.99% over the closing prices on the BSE and NSE respectively prevailing on the date of the Board Meeting held on March 19, 2009 approving the Buyback.The Maximum Buyback Price of Rs 25/- is at a premium of 36.61% and 36.99% over the closing prices on the BSE and NSE respectively prevailing on March 20, 2009 i.e. the next date after the Board Meeting.Schedule of activities:Board Meeting approving the Buyback - March 19, 2009Date of Public Notice in Compliance with Regulation 5A of the Buyback Regulations - March 20, 2009Date of Public Announcement - March 30, 2009Date of Opening of Buyback - April 23, 2009Acceptance of Shares - Within the relevant pay-out dates of the Stock ExchangesExtinguishment of Shares - Within 15 days of acceptance as aboveLast Date of the Buyback - March 18, 2010 (i.e. 12 months from the date of the resolution passed by the Board of Directors of the Company at its meeting held on March 19, 2009) or when the Company completes the Buyback to the extent of Rs 1220 million, whichever is earlier, or at such earlier date as may be determined by the Board of Directors, even if the maximum limit of Buyback has not been reached, subject to the condition that the Company shall Buyback a minimum of 6.7 million equity shares, by giving an appropriate notice for such earlier closure date.All payment obligations related to the Buyback shall be completed by the last date for the Buyback.
Current price – INR 18.18/-
To update the relative valuation sheet.
Interesting
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