Supreme Court directs Luxxottica to announce open offer for RayBan Sun Optics India

Rayban Sun Optics India Ltd has announced that Luxottica Group S.p.A has informed the Company vide its letter dated December 21, 2006 that Luxottica Group S.p.A. and Ray Ban Indian Holdings Inc. have been directed by the Honourable Supreme Court of India vide order dated December 12, 2006 to make the public announcement of an open offer to the shareholders of RayBan Sun Optics India Ltd, under Regulations 10 and 12 of the SEBI Takeover Regulations within a period of 45 days from the date of the order. The referral date for calculation of open offer price is April 28, 1999. The Supreme Court has also directed Luxottica Group S.p.A. to pay the offer price with interest at the rate of 10% per annum with effect from August 27, 1999 till the date of payment to all those who were shareholders on August 27, 1999 and continue to be shareholders of RayBan Sun Optics India Ltd on the closure date of the public offer.

Source : Equity Bulls

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