PIRAMAL GLASS LTD. - Delisting Offer

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PIRAMAL GLASS LTD. - Delisting Offer

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22 Jul 2014
Kotak Mahindra Capital Company Ltd ("Manager to the Offer") on behalf of The Sri Hari Trust acting through its Corporate Trustee - PEL Management Services Private Limited (Acquirer) has informed this Public Announcement for the attention of the Public Shareholders of Piramal Glass Limited ("Target Company").<br/><br/>The Acquirer had made an offer to the public shareholders of the Target Company for the acquisition and voluntary delisting of fully paid-up equity shares of Rs. 10/- each ("Shares") of the Company vide a public announcement dated April 25, 2014 in accordance with the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009 ("SEBI Regulations"). Vide a public announcement dated June 3, 2014 and in accordance with SEBI Regulations, the Acquirer fixed the exit price at Rs. 140 per Share ("Final Price") calculated by the reverse book building process using the electronic facility of the BSE. All the public shareholders of the Company who tendered their shares at or below the Final Price through valid bids were paid the consideration at the Final Price. After the acquisition of such shares, the Promoter Groups holding in the Company increased to 90.85% of the fully paid-up equity share capital of the Company.<br/><br/>The Company had thereafter applied for the delisting of its Shares from the Bombay Stock Exchange Ltd ("BSE") and the National Stock Exchange of India Ltd ("NSE") (collectively referred to as the "Stock Exchanges"), where the Shares of the company were listed. BSE vide its notice dated July 7, 2014 and NSE vide its notice dated July 7, 2014 informed their members about discontinuation of trading of the Shares of the Company with effect from July 21, 2014 and the delisting of Shares with effect from July 28, 2014.<br/><br/>Delisting of Shares of the Company from the Stock Exchanges means that the Shares of the Company cannot be and will not be traded on the Stock Exchanges and a liquid market for the Shares on stock exchanges will not be available.<br/><br/>In accordance with regulation 21 of the SEBI Regulations, the Acquirer hereby provides an exit opportunity ("Exit Offer") to the public shareholders who continue to hold Shares in the Company ("Residual Shareholders"). The Residual Shareholders of the Company can tender their Shares to the Acquirer at the Final Price at any time from July 28, 2014 till July 27, 2014 ("Exit Period"), as per the terms and conditions set out in this public announcement and the exit offer letter ("Exit Offer Letter") for the Exit Offer.
View all announcements for PIRAMAL GLASS LTD.	Source: BSE India

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