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 Takeover, 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, 2017,20190424-35 dated April 24, 2019 and 20200528-32 dated 28 May 2020, 20201102-43 dated 02 Nov 2020, 20210825-62 dated Aug 25,2021 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 an Open Offer (“Offer”) is made by Cummins Inc. ("Acquirer") to the existing public shareholders of Automotive Axles Limited (“Target Company”) to acquire up to 3,929,114 (Three Million Nine Hundred Twenty-Nine Thousand One Hundred Fourteen) fully paid-up equity shares of face value of Rs.10/- (Indian Rupees ten) each (“Equity Shares”) representing 26.00% (twenty six percent) of the Voting Share Capital of Target Company, at an offer price of Rs.1,601.29/- (Indian Rupees One Thousand Six Hundred One and Twenty Nine Paise) per Offer Share (“Offer Price”) payable in cash, to Regulations 3(1), 4 and 5(1) and other applicable regulations of the SEBI (SAST) Regulations, from December 22, 2022 to January 04, 2023.
Letter of Offer is herewith attached for your perusal.
Market participants are further requested to note that this offer will be as per the Revised Guidelines of SEBI circular no. CFD/DCR2/CIR/P/2016/131 dated Dec 09, 2016 and Exchange notice no. 20170210-16 dated Feb 10, 2017 and 20190424-35 dated April 24, 2019 along with the details of this Offer to Buy would be available on BSE Website – www.bseindia.com.
Mangesh Tayde
Assistant General Manager
Listing Sales & Ops
December 20, 2022 |