IL&FS Investsmart - Open Offer
SBI Capital Markets Ltd (”Manager to the Offer”), on behalf of HSBC Securities & Capital Markets India Pvt Ltd (”HSCI”), HSBC Violet Investments Mauritius Ltd (”Violet”) (”the Acquirers”) alongwith HSBC Investment Bank Holdings BV (”HIBH”) (Person acting in concert with HSCI) and the Hongkong and Shanghai Banking Corporation Ltd, Hong Kong (”HBAP”) (Person acting in concert with Violet) (”PACs with Acquirers”), has issued this Public Announcement (”PA”) to the equity shareholders of IL&FS Investsmart Ltd (”Target Company”), in compliance with Regulations 10 and 12 and other applicable provisions of the Securities & Exchange Board of India (Substantial Acquisition of Shares & Takeovers) Regulations, 1997 and subsequent amendments thereto (the “SEBI (SAST) Regulations”).
The Offer:
This Offer is made to all shareholders of the Target Company in terms of Regulations 10 and 12 of the SEBI (SAST) Regulations (except to the parties to the Share Purchase Agreements), to acquire up to 1,44,22,255 fully paid-up equity shares of face value of Rs 10/- each of the Target Company forming 20% of the Emerging Voting Capital of the Target Company at a price of Rs 200/- (Rupees Two hundred only) for each fully paid up equity share (”Offer Price”) to be paid in cash in accordance with the SEBI (SAST) Regulations, and subject to the terms and conditions mentioned in the PA and as will be set out in the Letter of Offer in relation to the Offer (”Letter of Offer”) aggregating Rs 2,88,44,51,000 (Rupees Two hundred eighty eight crores forty four lakhs fifty one thousand only) (”Offer Size”)
Schedule of Activities:
Specified Date - May 30, 2008
Date of Opening of the Offer - July 11, 2008
Date of Closing of the Offer - July 30, 2008
Tags: IL&FS