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Rane Engine to make open offer in Kar Mobiles
CHENNAI:
The board of Rane Engine Valves (REVL), at a meeting held on May 25, has decided to enhance its stake in Kar Mobiles to preferably over 50 per cent, according to a release. REVL and others companies in the Rane group hold around 29 per cent of the equity of Kar Mobiles. REVL will be making an open offer to the shareholders of KML for 6.25 lakh shares, representing 27.9 per cent of the equity capital of KML. , The shareholders of KML who tender shares under the open offer may elect to receive either cash payment of Rs.145 per share or receive one REVL share for every three shares of KML.
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