IndianBright - Post Offer Status

Posted By: Religare
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Aryaman Financial Services Ltd ("Manager to the Offer") on behalf of Vitesse Telecom Pvt Ltd ("Acquirer") has informed this Post Offer Public Announcement to the shareholders of Indian Bright Steel Company Ltd ("Target Company"), which is in continuation of & should be read in conjunction with the Public Announcement ("PA") dated on January 19, 2011 & Corrigendum to the PA dated March 16, 2011, pursuant to Regulation 10 & 12 & other provisions of Chapter III & in compliance with the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 and subsequent amendments thereto. ("Regulations").

The Offer formalities are completed & the details are as under:

Details of Acquisition:

Sr. No.


Proposed in the Offer Actuals
1. Offer Price (Including Interest) Rs. 5.00/- Rs.5.00/-
2. Shareholding of Acquirer/ PACs prior to MOU/ PA along with group member 90,00 (13.95%) 90,000 (13.95%)
3. Shares acquired through MOU 1,37,100 (21.26%) 1,37,100 (21.26%) (a)
4. Shares acquired in the Open Offer 1,29,000 (20.005) 1,26,412 (19.60%) (b)
5. Size of Open Offer
(No of shares * Offer Price)
Rs. 6,45,000/- Rs. 6,32,060/-
6. Shares if any acquired after PA but 7 working days prior to Closure of Offer Nil Nil
7. Post Offer Shareholding of Acquirer including PACs, if any 3,56,100 (55.21%) 3,53,512 (54.81%)
8. Pre & Post Offer Shareholding of Public including erstwhile Promoter i.e. those who are not parties to the Agreements. Pre Offer Post Offer Pre Offer Post Offer

(a) These shares will be transferred to the Acquirer shortly.
(b) These shares are presently lying with the Registrar to the Offer & will be transferred to the Acquirer shortly.
(c) Currently Promoter Group of the Target Company hold 2,100 Equity Shares (representing 0.33% of the Total Capital).

Read more about: indian bright steel
Story first published: Monday, May 9, 2011, 23:35 [IST]
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