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Servotech Engine - Open Offer

By Religare

Mark Corporate Advisors Pvt Ltd ("Manager to the Open Offer") has submitted to BSE a Copy of Public Announcement regarding Open offer for Acquisition upto 13,34,200 fully paid up Equity Shares of the face value of Rs. 10 each ("Equity Shares") of Servotech Engineering Industries Ltd ("SEIL"/"Target Company") from the Public Shareholders of the Target Company by Mr. Radheshyam Lahoti ("Acquirer"), along with Lahoti Exports Private Limited ("LEPL"/"PAC 1"), Quality Products Marketing Private Limited ("QPMPL"/"PAC 2"), Mr. Ramawtar Lahoti ("PAC 3") and Focus Investment & Traders Private Ltd ("FITPL"/"PAC 4")
in compliance with, amongst others, Regulation 3(1) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations. 2011 and subsequent amendments thereto ["SEBI (SAST) Regulations, 2011"/"Regulations"!.

Offer Details:

Offer Size: The Acquirer and PACs hereby make this Open Offer ("Offer") to the Public Shareholders of the Target Company to acquire upto 13,34,200 fully paid-up equity shares of face value of Rs. 10 each, constituting 26% of the Share Capital and 32.98% of the Voting Capital of the Target Company, subject to the terms and conditions mentioned in this Public Announcement ("PA"), the Detailed Public Statement ("DPS") that will be published and the Letter of Offer ("LoF" ) that will be sent to the Equity Shareholders of the Target Company, in accordance with the Regulations.

Offer Price/Consideration: The Offer price of Rs. 6.90 (Rupees Six and Paise Ninety only) (Rs. 5.47 per share as per SEBI's Order and Rs. 1.43 being the interest @ 10% p.a.) per fully paid-up Equity Share of face value of Rs. 10 each, is in accordance with the Order of Hon'ble Whole Time Member of SEBI vide dated January 23, 2015 and in compliance with Regulations 8 of the Regulations ("Offer Price"), aggregating to a consideration of Rs. 92,05.980 (Rupees Ninety Two Lakhs Five Thousand Nine Hundred and Eighty only), assuming full acceptance in the Open Offer ("Offer Size"). The Shareholders who are holding partly paid-up equity shares will be eligible to participate in the Offer only upon making the equity shares fully paid-up i.e. after paying the amount due on allotment along with the interest.

Story first published: Wednesday, April 29, 2015, 23:00 [IST]
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