Kuwait’s Markab To Buy 29.21% In Uniply For Rs 313.84 Crore, Launch Open Offer
Markab Capital WLL will acquire a 29.21 percent stake in Chennai-based Uniply Industries Ltd., triggering an open offer.
Promoters of Uniply Industries agreed to sell 20.7 percent to Kuwait-based Markab Capital, the plywood maker said in its exchange filing. It will also acquire warrants which, when converted, will constitute 8.5 percent stake. Markab Capital will in all pay Rs 313.84 crore.
Securities and Exchange Board of India's norms require an investor owning more than 25 percent in a listed company to make an open offer to public shareholders for buying additional 26 percent. Markab Capital will make an open offer of 4.95 crore shares at Rs 82 apiece or a total of Rs 405.62 crore. The offer price is at a premium of 29 percent to Wednesday's closing price. The details of the offer will published on July 10.
Shares of Uniply Industries closed 1.11 percent higher compared to 0.13 percent rise in the Nifty 500 Index. The stock has gained 9.25 percent so far this year against 6.4 percent returns in Nifty 500.
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