Indian Stock Market

Shares of Larsen & Toubro were weak in a strong market after the company indicated it would hike its stake in Satyam Computer beyond
15%, a move that will trigger an open offer.

L&T investors are concerned that, in case of an open offer, the engineering and construction major would have to offer Satyam shareholders almost six times the software company’s current market price.

As per the existing norms, if an acquirer buys more than 15% in a listed entity, he has to mandatorily make an open offer to buy another 20% from smaller shareholders.

Though a section of the market is betting authorities may relax the open offer norms in L&T’s case, given the enthusiasm shown by the government to end the matter, it is still not clear to what extent would the rules be relaxed.

German firm Robert Bosch GmbH today made a open offer to the shareholders of Bosch Chassis Systems India for acquiring 20 per cent stake in the company at a maximum price of Rs 600 per share.

As per the open offer Robert Bosch GmbH would acquire up to 4,158,906 equity shares of Rs 10 each representing 20 per cent of the fully paid-up equity share capital of its Indian entity, auto ancillary firm Bosch Chassis said in a filing to the Bombay Stock Exchange.

The offer is scheduled to open on August 4 and would close on August 8.

The Germany-based firm is the holding company of Robert Bosch LLC and Robert Bosch Investment Nederland B V, the promoters of Bosch Chassis Systems India.

The promoter holding in Bosch Chassis Systems India is 80 per cent of the total issued equity share capital of the company.

Pursuant to the open offer the promoter shareholding in Bosch Chassis Systems India would increase to 100 per cent and would entail the delisting of fully paid up equity shares of the company from the Bombay Stock Exchange and the National Stock Exchange.

The German firm would make the voluntary delisting offer to the public shareholders of Bosch Chassis Systems in accordance with the delisting guidelines.

The delisting offer would enhance operating flexibility of the company and would provide a second exit opportunity to the public shareholders of the company.

The price for the offer would be determined after  the reverse book building process, the company said.

Fedex Securities Ltd (“Manager to the Offer”) on behalf of Mr. Kantilal Manilal Savla, Ms. Pratiksha Popatlal Gala and Mr. Kartik Popatlal Gala (“the Acquirers”) has issued this Public Announcement (“PA”) to the equity shareholders of Vaghani Techno Build Ltd (“Target Company”), pursuant to and in compliance with Regulation 10 & 12 of the Securities & Exchange Board of India (Substantial Acquisition of Shares & Takeovers) Regulations, 1997 (“Regulations”) and subsequent amendments thereto.

The Offer:

The Acquirers are making an Open Offer to the public shareholders of Target Company to acquire 10,44,000 Equity Shares of Rs 10/- each representing 20.00% of paid up & voting capital of Target Company (“the Offer”), at a price of Rs 5/- (Rupees Five only) (“the Offer Price”), payable in cash, subject to the terms and conditions mentioned in PA.

Schedule of Activities:

Specified Date – August 08, 2008

Date of Opening of the Offer – August 29, 2008

Date of Closing of the Offer – September 17, 2008

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Fedex Securities Ltd (“Manager to the Offer”), on behalf of Shri. Sunil Kumar Patodia & Smt. Vinita Patodia (“Acquirers”), and Sunil Chothmal Patodia (HUF) (“PAC”) has issued this Public Announcement (“PA”) to the equity Shareholders of Choice International Ltd (“Target Company”), pursuant to and in compliance with Regulations 10 & 12 of the Securities & Exchange Board of India (Substantial Acquisition of Shares & Takeovers) Regulations, 1997 (SEBI (SAST) Regulations 1997/ the Regulations) and subsequent amendments thereto.
The Offer:
The Acquirers are making an Open Offer to public shareholders (i.e. shareholders other than the Acquirers, Parties to the Agreement & Promoter group shareholders of Target Company) of the Target Company to acquire up to 8,00,960 equity shares of Rs 10/- each, at a price of Rs 13.75 (Rupees Thirteen Paise Seventy Five Only) representing 20.00% of issued, subscribed, paid up & voting capital of the Target Company. The Offer is at a price of Rs 13.75 (Rupees Thirteen Paise Seventy Five only) per Equity shares fully paid up (“the Offer Price”), payable in cash ( “the Offer”), subject to the terms and conditions mentioned in the PA.
Schedule of Activities:
Specified Date – June 20, 2008
Date of Opening of the Offer – July 16, 2008
Date of Closing of the Offer – August 04, 2008

N M Rothschild & Sons India Pvt Ltd (“Manager to the Offer”) on behalf of Eni UK Holding Plc (“Acquirer”) Eni S.p.A, Burren Energy India Ltd & Burren Shakti Ltd (“Persons Acting in Concert”/ “PACs”) has issued this Public Announcement (“PA”) to the shareholders of Hindustan Oil Exploration Company Ltd (“Target Company”), Pursuant and in compliance with Regulations 10 & 12 and other applicable provisions of the Securities & Exchange Board of India (Substantial Acquisition of Shares & Takeovers) Regulations, 1997 and subsequent amendments thereto ( “SEBI (SAST) Regulations” or “Regulations”).

The Offer

The Acquirer is making this Offer to acquire up to 26,115,455 fully paid up shares (“Offer Size”) of the Target Company representing in aggregate 20% of the Paid up equity share capital of the Target Company in terms of Regulation 21(1) of the SEBI (SAST) Regulations, at a price of Rs 144.2 per share (“Offer Price”) payable in cash.

Schedule of Activities:

Specified Date – April 24, 2008

Date of Opening of the Offer – June 11, 2008

Date of Closing of the Offer – June 30, 2008