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July 23, 2001
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Money > Business Headlines > Report July 23, 2001 |
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FIs may take part in German Remedies open offerBaburajan K Financial institutions, which hold about 15.73 per cent stake in German Remedies, are planning to participate in the open offer made by Zydus Cadila and Recon Healthcare to pick up an additional 20 per cent stake in the former at Rs 650 a share. "We do not see any reason in not participating in the open offer by the new promoters. Since the offer price at Rs 650 per share is higher than the present market price of Rs 455 a share, we are planning to offer our shares to Zydus Cadila," a top institutional official said. "Though we have not yet taken a final decision on this, preliminary talks held by us are in favour of the new promoters. FIs will take a final decision soon on the open offer," the official added. The German Remedies scrip is currently hovering at Rs 455-465 on the Bombay Stock Exchange. After the open offer, Zydus Cadila's stake in German Remedies is expected to go up to 47.72 per cent, from the present 27.72 per cent. "Since Sebi has approved the offer price, we do not want to demand a revision in it. However, we will evaluate all the possibilities to enhance the value of our investments in the pharmaceutical company in the long-term,' the official added. FIs including LIC (4.52 per cent), UTI (5.93 per cent), GIC (1.12 per cent), nationalised banks (1.65 per cent) and mutual funds (2.51 per cent) together hold a 15.73 per cent stake in German Remedies. As on July 20, 2000, LIC holds 373,000 shares in German Remedies, UTI 488,000 shares, GIC 92,259 shares and nationalised banks 135,000 shares. Powered by YOU MAY ALSO WANT TO READ:
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