Disa India announces Delisting Offer at Rs.1263.55

Ambit Corporate Finance Pvt Ltd ("Manager to the Offer"), on behalf of Disa Holding A/S ("Acquirer") has issued this Public Announcement ("PA"), in respect of the proposed acquisition of fully paid-up equity shares and consequent delisting of Disa India Ltd ("Target Company") pursuant to the Securities and Exchange Board of India (Delisting of Securities) Guidelines 2003 (the "Delisting Guidelines") ("Delisting Offer" or "Offer").

The Offer:

The Acquirer is making this PA to acquire up to 3,88,554 Shares representing 25.73% of the outstanding paid-up equity share capital of Target Company from the Shareholders of Target Company other than the Acquirer and DISA Holding AG ("DHAG")("Public Shareholders") with the purpose of delisting the equity shares of Target Company from Bombay Stock Exchange Ltd ("BSE").

The Acquirer and DHAG, which collectively form the promoter group of Target Company, currently hold 11,21,651 shares representing 74.27% of the outstanding equity share capital of Target Company.

The Floor Price for frequently traded shares for the Reverse Book Building process (RBB) as stipulated by the Delisting Guidelines has been computed at Rs 1263.55 which is the higher of (a) the average of the daily closing price on BSE for the last 26 weeks prior to the date of this PA being Rs 1257.83 and (b) the average of the high and low of the weekly closing prices on BSE for the last 26 weeks prior to the date of this PA, being Rs 1263.55.

Only public shareholders are eligible to tender their shares to the Acquirer.

Schedules of Activities:

Issue of Public Announcement: April 19, 2007.

Bid Opening Date: May 23, 2007 (10.00 AM)

Bid Closing Date: May 25, 2007 ( 3.00 PM)

Public Announcement with details of the Discovered Price, the Acquirer's acceptance/non-acceptance and Exit Price (if any): May 29, 2007

Final Settlement Date (for shares in dematerialized form)*: May 30, 2007

Last day the Physical Shareholders to tender their Shares: June 14, 2007

Final Settlement date (for shares in physical form)*: June 25, 2007

* Actual dispatch of payment instrument to successful Bidders would be made in the next few days shortly after the settlement subject to acceptance of the Discovered Price or offer of an Exit Price, higher than the Discovered Price by the Acquirer.

The stock was trading at Rs.1666.15, up by Rs.79.30 or 5%. The stock hit an intraday high of Rs.1666.15 and low of Rs.1563. The total traded quantity was 5702 compared to 2 week average of 3060.

Source : Equity Bulls

Keywords