Madura Coats' open offer to close on Oct. 20

By Our Special Correspondent

MUMBAI, OCT. 16. The open offer by Madura Coats to buy back 18.04 million equity shares on a tender basis at Rs. 27 per share that represents 25 per cent of its total paid-up capital, will close on October 20.

The offer is to increase the shareholding of J&P Coats, the parent company, to 74 per cent.

According to a company statement, as per SEBI regulations if the number of shares tendered is in excess of 18.04 million shares, the buyback will be made on a proportionate basis. J&P Coats, now has a 51.52 per cent stake in Madura Coats.

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Section  : Business
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