Tanglin group makes open offer for 20 per cent in Sical Logistics
18 Nov 2010
Tanglin Retail Reality Developments Pvt Ltd along with Tanglin Developments Ltd has offered to acquire up to 20 per cent of the paid-up equity capital of Sical Logitics Ltd, for around Rs93.08 crore.
Tanglin group will acquire a maximum of 11,707,608 shares forming 20 per cent of the emerging voting capital of Sical Logistics at Rs79.50 per share, to be paid in cash, Edelweiss Capital Ltd, manager to the offer, said in a filing with the Bombay Stock Exchange.
The offer, made to all equity shareholders of Sical Logistics, except the person acting in concert and signatories to the agreement, is in compliance with SEBI takeover regulations, the filing said.
The all-cash transaction is subject to the terms and conditions mentioned in the agreement with Sical promoters, the filing said.
The offer will open for subscription on 8 January 2011 and close on 27 January 2011.
The open offer has been made at a price lower than Sical Logistic's closing price of Rs85.95 per share on Thursday.
Chennai-based Tanglin Retail Reality Developments Private Limited is promoted by Coffee Day Resorts Pvt Ltd, which runs Cafe Coffee Day outlets across the country.