Royal Philips open offer closes today

By Our Special Correspondent

MUMBAI, OCT. 10. The open offer by Royal Philips Electronics NV (Philips) of the Netherlands for the entire balance outstanding equity shares comprising of 53.2 per cent of total equity of CG Glass from the existing shareholders at a price of Rs. 13.75 per share will close on October 11.

If fully subscribed, the offer will take Philips's stake up to 100 per cent resulting in CG Glass being delisted. Philips had earlier entered into agreements with Crompton Greaves and CDC Group plc, the promoters of CG Glass, to acquire their entire stake in the company. Under the agreement, Philips will buy the 28.8 per cent stake of Crompton Greaves and 18 per cent stake of CDC Group in CG Glass at Rs. 13.75 per share.

CG Glass, which produces glass shells, tubular sheets and glass tubing, sells a substantial portion of its output to Philips India's lighting division. The company was set up in 1992 as a joint venture between Crompton Greaves and CDC Group plc.

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