Balrampur Chini Mills Updates on acquisition of shares of IGIL

With reference to the earlier announcement dated December 22, 2006, Balrampur Chini Mills Ltd has announced that pursuant to the Share Purchase Agreement dated August 18, 2006 & the subsequent Open Offer to the shareholders of Indo Gulf Industries Ltd. (IGIL) as required under the SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 1997, the Company has acquired a further 18.48% of the equity shares of IGIL on January 27, 2007 after receipt of necessary RBI approvals & completion of necessary formalities. A further 6.33% of the equity share capital would be acquired after vacation of stay order of Hon'ble Delhi High Court.

Source : Equity Bulls

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