Titan Europe Plc and Titan Intl to acquire 14.38% stake in Wheels
Titan Europe Plc and Titan International to acquire 14.38% stake in Wheels. The offer price of Rs 725.38 per share.
ICICI Securities Ltd ("Manager to the Offer"), for and on behalf of Titan Europe Plc ("Acquirer") and Titan International, Inc. as the Person Acting in Concert ("PAC") has informed this Public Announcement ("PA") regarding Open Offer to acquire 14,19,405 (Fourteen lakhs, Nineteen thousand, Four hundred and five) fully paid-up equity shares of face value of Rs. 10 (Rupees ten) each from the public shareholders of Wheels India Ltd ("Target Company") ("Equity Shares") constituting 14.38% of the fully diluted voting equity share capital of the Target Company as of the 10th (tenth) working day from the closure of the tendering period ("Offer Size"), pursuant to and in compliance with, among others, under Regulations 4 and 5(1), read with Regulation 15(1) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 ("SEBI (SAST) Regulations, 2011").The Offer Price of Rs. 725.38 (Seven hundred twenty five rupees and thirty eight paise only) payable per fully paid up Equity Share in accordance with Regulations 8(1) and 8(3) of the SEBI (SAST) Regulations, 2011 ("Offer Price"). Since this Open Offer is being made as a result of indirect acquisition of shares / control of the Target Company, the Offer Price shallbe revised in terms of Regulation 8(12) of the SEBI (SAST) Regulations and such revised price shall be included in the Detailed Public Statement.Source : BSE
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