Ashapura Minechem Ltd's subsidiary to acquire Orient Abrasives Ltd

Ashapura Minechem Ltd's Wholly-owned Subsidiary M/s. Bombay Minerals Limited along with Cura Global Holdings Limited, Mauritius (a part of the prominent overseas investment fund Lambasa Global Opportunity Fund B.V.) have signed an agreement to jointly acquire 25.52% of equity shares of Orient Abrasives Limited ('OAL') at a price of Rs. 29.50 per share from its current promoters.

In accordance with the prevalent open offer rules and regulations as stipulated under SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 2011, they shall also make an open offer for acquisition of OAL's shares from the public up to 26% at Rs.29.50 per share.

The appropriate Public Announcement has been submitted on behalf of the Acquirers by the Manager to Open Offer to the Stock Exchanges where the Shares of Orient Abrasives Limited (Target Company) are listed.

Shares of ASHAPURA MINECHEM LTD. was last trading in BSE at Rs.63.5 as compared to the previous close of Rs. 65.85. The total number of shares traded during the day was 16052 in over 399 trades.

The stock hit an intraday high of Rs. 66 and intraday low of 63. The net turnover during the day was Rs. 1024233.

Source : Equity Bulls

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