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| Exchange Disseminated Time | Citigroup Global Markets India Private Limited ("Manager to the Open Offer") has submitted to BSE a copy of Public Announcement ("PA") regarding Open offer (“Offer”) for the acquisition of up to 2,359,058 fully paid-up equity shares of the face value of Rs 10 each (“Equity Shares”), representing 26% (twenty six percent) of the total share capital of ZF Steering Gear (India) Limited (the “Target Company”) on a fully diluted basis, as of the tenth working day from the closure of the tendering period of the open offer (“Voting Share Capital”), from the eligible shareholders of the Target Company by ZF Lenksysteme GmbH (the “Acquirer”) along with Robert Bosch GmbH (“PAC”) in its capacity as a person acting in concert with the Acquirer. Save and except for the PAC, no other person is acting in concert with the Acquirer for the purpose of this Offer.
Offer Details:
Offer Size: Up to 2,359,058 Equity Shares (each an “Offer Share”) representing 26% (twenty six per cent) of the Voting Share Capital (the “Offer Size”) at a price of Rs 439 (Indian Rupees Four Hundred Thirty Nine only) per Offer Share (“Offer Price”) aggregating to Rs 1,035,626,462 (Indian Rupees One Hundred and Three Crore Fifty Six Lac Twenty Six Thousand Four Hundred and Sixty Two), subject to the terms and conditions mentioned in this Public Announcement (“Public Announcement”), the detailed public statement (“DPS”) and the letter of offer that may be issued in accordance with the SEBI (SAST) Regulations.
Offer Price: Rs 439 per Offer Share. The Offer Price has been determined by the Acquirer and the Manager to the Offer taking into account the provisions of Regulation 8(3) and 8(4) of the SEBI (SAST) Regulations and the valuation report dated 15 September 2014 issued by M/S B S R & Associates LLP, Chartered Accountants. The Equity Shares are not frequently traded as per Regulation 2(1)(j) of SEBI (SAST) Regulations. |
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