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| Exchange Disseminated Time | Pantomath Capital Advisors Pvt Ltd ("Manager to the Offer") has submitted to BSE a Copy of Public Announcement regarding Open Offer for Acquisition of 5,42,885 (Five Lakhs Forty Two Thousand Eight Hundred Eighty Five) Equity Shares from Shareholders of Stovec Industries Ltd (“Target Company” or “SIL”) by Print II BV (“Print II” or “the Acquirer”) and (i) SPG Prints Group BV (“SPG BV” Or “PAC 1”) and (ii) SPG Prints BV (“SPG Prints” or “PAC 2”) in their capacity as persons acting in concert with Acquirer.
Offer Details:
Offer Size – 5,42,885 (Five Lakhs Forty Two Thousand Eight Hundred Eighty Five) Equity Shares (each an “Offer Share”) representing 26.00% (Twenty Six per cent) of the paid up equity and voting share capital (the “Offer Size”). Subject to the terms and conditions mentioned in this Public Announcement, the detailed public statement that will be published in connection to the Open Offer (the “Detailed Public Statement”) and the Letter Of Offer that will be sent to the Public Shareholders (“LOF”) will be in accordance with the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (“Takeover Regulations”).
Price/ consideration - The equity shares of the Target Company are infrequently traded as per Regulation 2(1)(j) of the Takeover Regulations. The Offer Price of INR 560 per Offer Share has been determined by the Acquirer and the PACs together with the Manager to the Offer in accordance with the provisions of Regulation 8(4) of the Takeover Regulations (as it is incapable of being determined in accordance with any of the parameters in Regulation 8(3) of the Takeover Regulations) taking into account, inter alia, the valuation report dated June 24, 2014. |
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