No open offer for Dunlop, mgmt change approved

Ruias got approval of the shareholders of Dunlop India for not going ahead with an open offer and change of management at the EGM held today.

Ruias, in an indirect acquisition deal with the Chabbrias' Jumbo group to acquire 74.5% stake of Dunlop in a deal worth Rs 200 crore that includes profit-making Falcon Tyres, took the postal ballot route to get shareholders' approval for the special resolution.

Ashok Jajodia, director of Dunlop, who chaired the EGM today announced the postal ballot results under which 76.75% shareholders approved the resolution.

Following this, the acquirer (Ruias) would not be required to make an open offer subject to the consent of Sebi.

Jajodia said the new management will meet today to finalise the new board.