NIRMA LTD - Updates on Delisting Offer

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Nirma Ltd - Updates on Delisting Offer

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04 Apr 2011
Kotak Mahindra Capital Company Ltd ("Manager to the Offer") on behalf of Shri Karsanbhai K Patel, Smt. Shantaben K Patel and M/s Kulgam Holdings Pvt Ltd ("Acquirers"), has informed this Public Announcement to the Equity shareholders of Nirma Ltd ("Target Company"), to provide the residual public shareholders of the Company an exit opportunity in accordance with the Securities and Exchange Board of India (Delisting of Equity Shares) Regulation, 2009 ("SEBI Regulations"), which is in continuation of and should be read in conjunction with the PA published on December 23, 2010 and January 31, 2011.<br/><br/>This PA is also issued by Target Company to intimate about the delisting of its Equity shares from the BSE and NSE.<br/><br/>1. The Acquirers invite all Residual Shareholders (as defined hereinafter) of the Company to tender, on the terms and subject to the conditions set out below and the Letter of Offer, their fully paid up equity shares in the Company pursuant to the SEBI Regulations.<br/><br/>2. The Acquirers had made an offer to the public shareholders of the Company for the acquisition of 3,63,26,362 fully paid-up equity shares of Rs. 5/- each ("Offer Shares") of the Company vide a public announcement published on December 23, 2010 and the bid letter dated December 24, 2010 in accordance with the SEBI Regulations.<br/><br/>3. The public shareholders holding equity shares of the Company were invited to tender bids pursuant to a Reverse Book Building ("RBB") process made available through the electronic facility of the BSE from January 17, 2011 to January 20, 2011 ("Bid Period"), in accordance with the SEBI Regulations.<br/><br/>4. In terms of regulation 15(1) of the SEBI Regulations, the Discovered Price (i.e. the price at which maximum number of Offer Shares were tendered by the public shareholders) determined through the RBB process was Rs. 260/- per Offer Share.<br/><br/>5. Vide a public announcement published on January 31, 2011 and in accordance with SEBI Regulations, the Acquirers accepted the discovered price of Rs. 260 per Share ("Final Price"). All the public shareholders of the Company who tendered their Offer Shares at or below the final Price through valid bids were paid the consideration at the Final Price. After the acquisition of the Offer Shares pursuant to the delisting offer, the Acquirer's and Promoter Group holding in the Company increased to 90.82% of the fully paid-up equity share capital of the Company.<br/><br/>6. In accordance with regulation 21 of the SEBI Regulations, the Acquirers hereby provide an exit opportunity ("Exit Offer") to the public shareholder holding offer shares in the company ("Residual Shareholders"). The Residual Shareholders of the Company can tender their Offer Shares to the Acquirers at the Final Price of Rs. 260/- (Rupees Two Hundred and Sixty only) per Offer Shares ("Exit Price"), at any time from March 31, 2011 till March 30, 2012 ("Exit Period"), as per the terms and conditions set out in this public announcement and the letter of offer ("Letter of Offer") for the Exit Offer.
View all announcements for Nirma Ltd	Source: BSE India

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