Asian Paints today said it has closed its open offer for buying the shares of Berger International Ltd, Singapore (BIL) and has acquired 96.48 per cent stake in the latter.
The open offer made by its Mauritius-based wholly owned subsidiary Asian Paints International Ltd (APIL) was closed on November 8, Asian Paints said in a filing to BSE.
"The total numbers of shares owned, controlled, acquired or agreed to be acquired by APIL together with valid acceptances of the offer, amounts to an aggregate of 100,242,365 shares, representing approximately 96.48 per cent of the total number of issued shares of BIL as at the date of this announcement. Further the offer is no longer for acceptances," Asian Paints said.
On October 1, Asian Paints had said that it has increased holding in BIL to 90.44 per cent through its ongoing open offer.
The offer would close on October 9, 2013 or such later date as may be announced from time to time by APIL.
"APIL owns and holds approximately 90.44 per cent, of the total number of issued shares of Berger International Ltd, Singapore - indirect subsidiary of Asian Paints, as at the date of this announcement, together with the valid acceptances received in terms of the aforesaid offer," it had said.
On August 21, APIL, which already held 50.1 per cent stake in BIL, raised it to 75.82 per cent by buying shares for Singaporean dollar (SD) 0.25 (Rs 12.66) per share, totalling SD 6.68 million (Rs 33.81 crore).
After that it had announced to come out with voluntary cash offer to acquire the balance 24.18 per cent shares of BIL with an intention to make BIL a wholly-owned subsidiary of APIL and delist from Singapore Exchange Securities Trading Ltd.
APIL had said the delisting of BIL would provide greater flexibility to manage, develop and optimise the use of the management and capital resources and facilitate the implementation of any operational change.
Asian Paints said it has no present intention to introduce any major changes to the businesses of Berger.
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