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May 7, 2001
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Money > Business Headlines > Report May 7, 2001 |
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Khaitans to buy Magor's Williamson pie at market rateIshita Ayan Dutt The B M Khaitan group will buy out Magor's 27 per cent stake in Williamson Magor & Co at the market price even as sources in the group ruled out an open offer as the Magors were registered as co-promoters of the holding company till March 31, 2001. "A written letter to the Securities and Exchange Board of India that the promoter group would buy out the co-promoters' stake will suffice. With the total shares of the promoter group remaining the same, the Khaitans will not have to resort to an open offer" said sources in the group. The settlement will be in cash. Prior to the separation, the equity pattern of Williamson Magor & Co was as follows: Khaitans had 48 per cent, Magors 27 per cent, financial institutions 9 per cent and the balance, with the public. The Wlliamson Magor & Co scrip touched the upper circuit on May 4, last trading day, and closed at Rs 16.35 on the Bombay Stock Exchange. On the National Stock Exchange (NSE), the scrip had dropped 4.85 per cent to close at Rs 21.6 on the same day. As part of the group's separation, the Khaitans will have to seek approval from the Reserve Bank of India for buying out the foreign holding. As the Khaitans have decided to retain their stake in the Magor-held George Williamson (Assam), this permission may not be needed immediately. Meanwhile, the boards of Williamson Magor & Co and Eveready have been reconstituted following the resignation of R B Magor and Philip Magor from the boards of the two companies. J M Trinick and R S Jhawar have been inducted on the board of Williamson Magor & Co, while P K Kaul has been inducted to the Eveready board. The amalgamation will be effected retrospectively from April 1, 2000, and the entire undertaking of Bishnauth, including assets, rights, duties, interest and liabilities stand transferred to Eveready. The scheme of amalgamation of Bishnauth with Eveready, with effect from April 1, 2000, was cleared by the Calcutta high court on March 13 and the company filed a certified copy of the order with the Registrar of Companies on May 4. Sources said the company would now have to identify export agents in the UK, which was being handled by George Williamson (Assam) before the separation. The Khaitans will be exporting 9-10 million kg this year. Powered by YOU MAY ALSO WANT TO READ:
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