New Ambadi Investments (Pvt) Ltd, a part of the promoter group of Parry Agro Industries Ltd, has announced an offer to all the non-promoter equity shareholders of Parry Agro Industries Ltd to buy the outstanding equity shares at a price of Rs 70 which is payable in cash.
The offer price of Rs 70 per share represents a premium of 62 per cent over the pre-offer traded price of Rs 43.10 per share. The offer opened on 18th February and shall close on 19th March.
New Ambadi Investments is a part of the promoter group of Parry Agro Industries Ltd.
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The company has not paid dividend on the equity shares for the last three years and reported a loss of Rs 4.8 crore for the nine months ended December 31, 2002.
The equity shares of Parry Agro Industries, a Murugappa Group Company, are listed on the Bombay Stock Exchange, Cochin Stock Exchange and the Madras Stock Market.
The promoter group is holding 76.91 per cent of the present equity capital of the Parry Agro Industries Ltd.