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Tide Water Oil - Open Offer

By Religare

SBI Capital Markets Ltd ("Manager to the Open Offer) has submitted to BSE a Copy of Public Announcement regarding Open Offer for acquisition of up to 2,26,512 equity shares of Tide Water Oil Company (India) Limited ("Target Company"), from the Shareholders (as defined below) of the Target Company by Standard Greases and Specialities Pvt. Ltd. ("Acquirer") together with Janus Consolidated Finance Pvt. Ltd. ("PAC 1" / "Janus"), Alpha TC Holdings Pte Ltd. ("PAC 2" / "Alpha") and Tata Capital Growth Fund - I ("PAC 3" / "TCGF"), (collectively the "PAC") as the persons acting in concert with the Acquirer ("Offer" / "Open Offer").

1. Offer Details:

Size: The Acquirer hereby makes this Offer to the Shareholders to acquire up to 2,26,512 fully paid up equity shares of face value of Rs. 10 (Rupees Ten only) each of the Target Company ("Offer Shares"), constituting 26% of the fully diluted voting equity share capital of the Target Company ("Voting Share Capital") (as of the 10th working day from the closure of the tendering period for the Offer), subject to the terms and conditions mentioned in this PA and in the detailed public statement ("DPS") and the letter of offer ("LoF") that are proposed to be issued in accordance with the SEBI (SAST) Regulations. The PAC are persons acting in concert with the Acquirer for the purpose of this Offer.

Price/Consideration: The offer price of Rs. 16,632 (Rupees Sixteen Thousand Six Hundred and Thirty Two only) per Offer Share ("Offer Price"), aggregating to total consideration of up to Rs. 376,73,47,584 (Rupees Three Hundred Seventy Six Crore Seventy Three Lakh Forty Seven Thousand Five Hundred and Eighty Four only) assuming full acceptance ("Offer Size"), is calculated in accordance with Regulations 8(1) and 8(2) of the SEBI (SAST) Regulations. The equity shares of the Target Company are frequently traded on the BSE Ltd. ("BSE") and the National Stock Exchange of India Ltd. ("NSE") in terms of SEBI (SAST) Regulations, and are not currently traded on the Calcutta Stock Exchange Ltd. ("CSE").

Story first published: Tuesday, September 22, 2015, 23:00 [IST]
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