Promoters announce Open Offer for Rane Holdings at Rs.192

Ind Global Corporate Finance Pvt Ltd ("Manager to the Offer") for and on behalf of Mr. L Lakshman, Mr. L Ganesh, L Lakshman (HUF), L Ganesh (HUF), Mr. Harish Lakshman ("Acquirers") alongwith Mrs. Pushpa Lakshman, Mr. Vinay Lakshman, Mrs. Meenakshi Ganesh, Ms. Aparna Ganesh, Mr. Aditya Ganesh, Mrs. T G Saraswathy, Mrs. Vanaja Aghoram, Mrs. Shanthi Narayan, Mrs. Saroja Raman, Mrs. Ranjini R Iyer, Mrs. Geetha Raman Subramanyam, Mrs. Rathika R Sundaresan & Mr. T G G Raman ("Persons Acting in Concert" or "PACs"), has issued this Public Announcement ("PA") to the shareholders of Rane Holdings Ltd ("Target Company"), pursuant to Regulation 11(1) of and in compliance with, Securities and Exchange of India (Substantial Acquisition of Share & Takeovers) Regulations, 1997 and subsequent amendments thereto ["SEBI (SAST) Regulations"].

The Offer

The Acquirers & PACs are making an Open Offer to the equity shareholders of the Target Company to acquire 1,956,263 fully paid up equity shares of Rs 10/- each, representing 20% of the fully expanded voting equity capital of the Target Company (assuming full allotment under the proposed Preferential Issue of equity shares) at a price of Rs 192/- for each equity share of the Target Company ("the Offer Price") payable in cash, in terms of Regulation 20 of SEBI (SAST) Regulations ("the Offer" or "Open Offer").

Schedule of Activities

Specified Date: March 16, 2007

Date of Opening of the Offer: April 23, 2007

Date of Closing of the Offer: May 14, 2007

Source : Equity Bulls

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