Promoters of a group of ten companies based in the region have jointly formed a company and have proposed to acquire all equity shares of GSMCL, with the aim to restart the company.
After forming the firm, Gautam and Company, the promoters Parasmal Munilal Jain, Sukhraj Amarchand Singhvi, Babulal Amarchand Singhvi, Ashokkumar Amarchand Singhvi, Tribhuvan Amarchand Singhvi, Rameshkumar Amarchand Singhvi and Arvind Vithaldas Joshi have purchased 98.07 per cent equity shares from Sindoor Resettlement Corporation (SRC), the holding company of GSMCL for Rs 6.18 crore.
The proposal has been referred to the Securities and Exchange Board of India (SEBI) for approval.
The acquirer, Gautam and Company, has also made an open offer to all shareholders of Gandhidham Spinning and Manufacturing Company Ltd to acquire up to 64,690 fully paid-up equity shares of the company, representing 1.93 per cent of the equity share capital at Rs 13 per equity share, payable in cash.
The offer will open on January 12, 2004, and close on February 10. The new promoters intend to restart the company, which has physical assets of about Rs one-two crore at Adipur, 40-km from Gandhidham.
However, it might take at least a year before the company can be restarted, SRC officials said.
GSMCL compliance officer S B Doshi said a memorandum of understanding between Gautam and Company and SRC, the holding company of GSMCL, for purchase of 98.07 per cent equity shares was signed on November 19. SRC has 16 directors, of which four are government nominees.
