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| Exchange Disseminated Time | Utkal Investments Ltd (UIL) has entered into a share purchase agreement dated April 21, 2002 with Atlas Copco India Ltd (AC) and Chicago Pneumatic Tool Company USA (CP), the promoters for the purchase of 12,80,200 fully paid up equity shares of Rs 10/- each representing 39.88% of the total paid up equity share capital of the Revathi CP Equipment Ltd (REL) at a price of Rs 234/- per share payable in cash aggregating to Rs 29,95,66,800/-.
UIL will acquire Shares under the Share Purchase Agreement subject to the Sellers obtaining the requisite approvals from Reserve Bank of India (RBI).
Ind Global Corporate Financial Pvt Ltd has informed BSE that UIL is making an offer to the remaining shareholders of REL to acquire 6,41,960 equity shares representing 20% of the paid up equity share capital of REL at a price of Rs 234 per fully paid up equity share payable in cash. The offer is not subject to any minimum level of acceptance.
The Specified date of the offer is April 26, 2002.
The date on which the offer will open is June 10, 2002.
The date of closing of the offer is July 09, 2002.
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