Dalmia Bharat raises stake in group firm

Dalmia Bharat

Dalmia Bharat today said it has acquired 8 lakh shares in the group firm Dalmia Bharat Sugar and Industries for Rs 1.54 crore through open market.

Post this transaction, Dalmia Bharat's stake in the company has increased from 9.34 per cent to 10.32 per cent.

In September last year, Dalmia Bharat, earlier known as Dalmia Bharat Enterprises, had announced that it will acquire 55 lakh shares of Dalmia Bharat Sugar and Industries at a price not exceeding Rs 19.5 apiece, triggering an open offer as per SEBI regulations.

At the end of second quarter of this fiscal, Dalmai Bharat had 4.89 per cent stake in Dalmia Bharat Sugar and Industries.

Meanwhile, Dalmia Bharat Sugar and Industries has informed the exchange that its committee of independent directors has approved the open offer price of Rs 19.50 per share.

In a filing to BSE, Dalmia Bharat Sugar and Industries said that "... the Committee of Independent Directors was held on January 08, 2013 pursuant to the Regulation 26(7) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

"The Committee has recommended that the Offer Price of Rs 19.50 per equity share is fair and reasonable."

Dalmia Bharat Sugar and Industries in a filing to BSE said the date of the open offer has been rescheduled to January 14, 2013 against the earlier date of November 1, 2012.

Shares of Dalmia Bharat Sugar and Industries today ended flat at Rs 19.30 a piece from its previous closing at the BSE.

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