Singapore-based Sim Siang Choon today announced an open offer for acquiring further 20 per cent stake in oil explorer and producer Interlink Petroleum from its equity shareholders.
Sim Siang Choon intends to buy up to 49.84 lakh equity shares, representing an aggregate 20 per cent of the issued share capital of the target company, Interlink Petroleum said in a filing to the Bombay Stock Exchange (BSE).
The acquirer proposes to purchase each Rs 10 share in the open offer at a price of Rs 67.65 apiece, it said.
The open offer for purchase of equity shares would commence on September 22 and close on October 11, it said.
The acquirer would buy the equity shares in open market purchase from the shareholders (other than the parties to the agreement) as per Sebi guidelines, it said.
Collins Stewart Inga, the manager to the offer, has made a public announcement in this regard on behalf of the acquirer -- Sim Siang Choon, it said.
Sim Siang Choon, a Singapore-based investment holding company, is engaged in the provision of management services to its subsidiaries.
It operates in the bathroom and kitchen segments. The bathroom segment includes sanitaryware, shower screens, taps and hand showers, baths and spas, vanity tops, bathroom cabinets and bathroom accessories while kitchen and others comprise kitchen cabinet systems, kitchen sinks and appliances product.
Shares of the company closed at Rs 75.90, down 4.95 per cent from the previous close on the BSE.
