Blackstone's Gokaldas offer to open on Jan 9

US private equity giant Blackstone's open offer to acquire 20% in Gokaldas Exports, India's largest garments exporter, will open on January 9 and close on January 28, 2008.

Blackstone had acquired 50.1% from the promoters of Bangalore-based Gokaldas Exports for $116 million in August 2007, and has offered to buy an additional 20% from the public shareholders.

The process, which was expected to close during October 2006, had got stuck at Sebi. According to a statement by Gokaldas Exports, the required approvals has now come through.

Blackstone has offered Rs 275 per share for the buy back.