Trading Members and Custodians are requested to note that Securities Exchange Board of India (SEBI) has issued Mechanism for acquisition of shares through Stock Exchange pursuant to Tender-Offers under Takeovers, Buy Back and De-listing, vide its circular no. CIR/CFD/POLICYCELL/1/2015 dated April 13, 2015 and no. CFD/DCR2/CIR/P/2016/131 dated Dec 09, 2016. The Exchange vide its notice no. 20170210-16 dated Feb 10, 2017, 20190207-23 dated 07 Feb 2019 and 20200528-32 dated 28 May 2020 and 20201102-43 dated 02 Nov 2020 has issued Revised Guidelines of Mechanism for acquisition of shares through Stock Exchange pursuant to Tender-Offers under Takeovers, Buy Back and Delisting.
All Market Participants are hereby informed that the M.M.Detergents Company Private Limited (Promoter Acquirer 1), K.S. Kamalakannan (Promoter Acquirer 2), Mageswari Kannan (Promoter Acquirer 3), Sounder Kannan (Promoter Acquirer 4 ), M. Jayalalitha (Promoter Acquirer 5), Lakshmi Vijayanand (Promoter Acquirer 6 ) M. Sukumar (Promoter Acquirer 7 ), Naga Marine Industries Limited (Promoter Acquirer 8 ) (collectively referred to as the “Promoter Acquirers) is making delisting offer to the Public Shareholders of Naga Limited (“Company”) pursuant to Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009 (the “Delisting Regulations”) and are inviting shareholders to tender their fully paid-up equity shares of face value of Rs. 10/- each of the Company (“Equity Shares”), through the reverse book-building process (“RBBP”) in accordance with the Delisting Regulations. (“Delisting Offer”). The Promoter Acquirer is seeking to acquire 36,05,665Equity Shares (“Offer Shares”) of face value of Rs. 10/- of the Company (“Equity Shares”) at the floor price of Rs. 82.22 per Equity Share each representing the balance 25.31% of the paid-up equity share capital from the public shareholders of the Company (“Public Shareholders”), from March 05, 2021 to March 12, 2021.
Equity Shares are listed on the Metropolitan Stock Exchange of India Limited (the “MSEI” or the “Stock Exchange”) Only.
Letter of Offer is attached for your perusal.
Market participants are further requested to note that the details of this Offer to Buy would be available on BSE Website – www.bseindia.com.
Atul Dhotre
Senior Manager
Listing Sales & Ops
March 02, 2021
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