Open Offer at Rs 120 per share for 26 percent stake by Modi family in South India Paper Mills
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 20.6 pts more than Nifty Microcap 250 and 20.7 pts more than its Paper & Paper Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Nandini Modi and Kirit Modi along with seven persons acting in concert (family members and group entities) have announced an open offer to buy up to 48,75,000 shares, equal to 26 percent of the voting capital, of South India Paper Mills at Rs 120 per share, aggregating about Rs 58.5 crore. This follows a Share Purchase Agreement to purchase 37,90,240 shares, about 20.21 percent, from existing sellers Harshad Natvarlal Modi and Rajul Harshad Modi for Rs 45.48 crore. Post completion, the acquirers will be classified as promoters and gain joint control. No delisting is planned.
Offer price of Rs 120 sets a reference floor for shareholders; control shifts to the acquirer family who join the promoter group. Stock may see heightened interest.