GL Hotels - Post Offer Status
JM Financial Consultants Pvt Ltd (”Manager to the Offer”) on behalf of Dunearn Investments (Mauritius) Pte Ltd (”Acquirer”) has issued this Post Offer Public Announcement to the shareholders of GL Hotels Ltd (”Target Company”), which is in continuation of & should be read in conjunction with the Public Announcement (”PA”) dated July 28, 2007 & Corrigendum to the PA dated March 03, 2008 under the Securities & Exchange Board of India (Substantial Acquisition of Shares & Takeovers) Regulations, 1997 [the "SEBI (SAST) Regulations"] to acquire upto 20.00% of the Emerging Voting Capital of the Target Company at a price of Rs 283.42 per equity share, payable in cash are as follows.
Details of the acquisition:
| Sr. No |
Item |
Proposed in Offer Document | Actual | ||
| (No) | (%)1 | (No) | (%)1 | ||
| 1 | Offer Price (INR) | 283.42 | 283.42 | ||
| 2 | Shareholding of the Acquirer before Conversion of the Acquirer warrants | - | - | - | - |
| 3 | Shares acquired by way of WSA (Conversion of Acquirer Warrants) | 4,410,462 | 21.74% | 4,410,462 | 21.74% |
| 4 | Shares acquired in Open Offer | 4,057,625 | 20.00% | 92,218 | 0.45% |
| 5 | Size of the Open Offer (no. of shares multiplied by offer price per share) in INR mn | 1,150.01 | 26.14 | ||
| 6 | Shares acquired, if any (No & %) after the Public Announcement by before 7 working days prior to date of closure of the offer | NA | NA | ||
| 7 | Post Offer shareholding of Acquirer (2+3+4+6) | 8,468,087 | 41.74% | 4,502,680 | 22.19% |
| 8 | Pre Offer Public shareholding | 9,965,214 | 49.12% | 9,965,214 | 49.12% |
| 9 | Post Offer public shareholding | 9,965,214 | 49.12% | 9,965,214 | 49.12% |
1 As a percentage of the emerging Voting Capital as defined in the Public Announcement dated June 28, 2007.
Tags: GL Hotels