ICICI responds to Tolani open offer

By Our Staff Correspondent

MUMBAI, OCT. 29. ICICI has surrendered 10 lakh shares of Tolani Bulk Carriers (TBCL) under the open offer. This represents 4.17 per cent of the total equity capital of TBCL.

The open offer of Tolani Shipping to acquire the public shareholding of TBCL, the Mumbai based shipping company, closes on November 6. This offer is being made at a price of Rs. 10 per share. The acquiring company, Tolani Shipping and the promoters were controlling 68.99 per cent of the paid up capital (Rs. 24 crores) of TBCL before the offer.

The open offer is being made for acquiring the balance 31.01 per cent equity capital held by the public. The offer is not subject to any minimum level of acceptance.

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Section  : Business
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