Blackstone open offer for Gokaldas

Blackstone Group, a global private equity fund, which has agreed to acquire 50.1 per cent stake in Bangalore-based apparel exporter Gokaldas Exports, has made an open offer to the existing share holders to acquire another 20 per cent stake.

It intends to acquire up to 6.8 million shares representing 20 per cent of the equity capital at a price of Rs 275 per share.

The offer will open on October 5 and close on October 24, according a company filing to the stock exchange.

After the deal with Blackstone, the existing promoters of Gokaldas"�Madanlal Hinduja, Rajendra Hinduja, Dinesh Hinduja, Vivek Hinduja, Ashwin Hinduja, and Gaurav Hinduja"�hold 20 per cent stake in Gokaldas Exports.

The open offer is at a 20 per cent premium to the Gokaldas Exports' share price on the National Stock Exchange on Monday.

On Monday, Gokaldas Exports' shares ended at Rs 229.10 on the NSE, up 2.7 per cent from the previous close.