Promoters raising Marg Group stake to 75 per cent
21 Oct 2011
The promoters of infrastructure major Marg Group is making a voluntary offer (open offer) to acquire 76,51,572 fully-paid shares of the company from the public shareholders at a price of Rs91 per share.
The open offer size constituting 20 per cent of the fully diluted share capital of the company, has been determined in accordance with SEBI regulations, the company said in a filing with the Bombay Stock Exchange (BSE).
The acquisition will push up promoter stake in Marg Ltd to 75 per cent, the maximum permitted limit.
The offer is being managed by Motilal Oswal Investment Advisors Pvt Ltd for and on behalf of Akshya Infrastructure Pvt Ltd (the promoters and promoter group of Marg Ltd).
The company made an open offer to acquire 76.5 lakh shares at Rs91 per share, reports CNBC-TV18
The offer will open for subscription on 1 December and close on 20 December.