Open Offer for Chettinad Cement at Rs.450

Indbank Merchant Banking Services Ltd ("Manager to the Offer") for and on behalf of Chettinad Software Services Pvt Ltd ("Acquirer") and Dr. M A M Ramaswamy, Mr. M A M R Muthiah and Mrs. Geetha Muthiah ("Persons Acting in Concert" or "PACs") has issued this Public Announcement to the shareholders of Chettinad Cement Corporation Ltd ("Target Company") pursuant to and in compliance with, among others, Regulations 11 (2 & 2A) of the Securities & Exchange Board of India (Substantial Acquisition of Shares & Takeovers) Regulations, 1997, as amended from time to time (the "Regulations") issued by the Securities & Exchange Board of India ("SEBI").

The Offer

The Acquirer proposes to acquire upto 40,82,621 fully paid up equity shares ("Shares") of the Target Company ("Offer Size") representing 13.84% of the voting equity capital of the Target Company at a price of Rs 450/- for each fully paid up equity share of the Target Company ("Offer Price"), to be paid in cash in accordance with the Regulations.

Schedule of Activities

Specified Date: July 20, 2007

Date of Opening of the Offer: August 17, 2007

Date of Closing of the Offer: September 05, 2007

Source : Equity Bulls

Keywords