Increased offer to acquire shares in ESAB India Limited
28/08/2007
Further to the announcement made on 25 June 2007, a subsidiary of Charter has announced an increased offer for equity shares in ESAB India Limited (“ESAB India”).
The revised offer is at a price of Rs. 505 per share for 5,801,564 shares, representing 37.69 per cent of the issued share capital. The original offer was for 3,078,604 shares, representing 20.0 per cent of ESAB India’s issued share capital, at a price of Rs. 426 per share.
Charter already holds 5,743,200 shares in ESAB India through a subsidiary, ESAB Holdings Limited, which represents 37.3 per cent of ESAB India’s existing issued share capital. In the event of full acceptances, the offer would result in Charter increasing its overall indirect holding in ESAB India to 74.99 per cent, being the maximum shareholding before delisting would be required under current Indian regulations.
The maximum value of the offer, assuming full acceptances, is Rs. 2,930 million (equivalent to £35.6 million). The offer will close on 5 September 2007.
At mid-market exchange rates at close of business in London on 24 August 2007, Rs. 82.3 were equivalent to £1.
Contact
Andrew Fenwick; Pamela Small, Brunswick +44 (0) 20 7404 5959