3 weeks ago
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City-based Mercantile Ventures Ltd. (MVL) has made a mandatory offer to acquire 26% stake from the public shareholders in India Radiators Ltd.(IRL). As per the revised schedule, the offer opens on April 19 and closes on May 3.
MVL plans to acquire up to 2.34 lakh shares at ₹6 each that includes ₹1.74 as interest at 10% per annum per share for a period of four years for the delay in making an open offer. A.C. Muthiah-promoted MVL is into leasing of immovable properties and manpower supply services, it said in a regulatory filing.
On January 5, MVL entered into share purchase agreement with IRL to acquire 3.46 lakh shares, representing 38.41%, at ₹4.26 per share. This triggered the open offer as the share acquisition was in excess of 25% of share capital along with a change in control.
IRL was earlier known as Rayala Corporation (Mysore) Ltd. The city-based company is in the business of manufacture of automobile components and renting of properties.
On Monday, MVL shares closed at ₹23 losing ₹0.14 over the previous close, while IRL gained ₹0.29 to close at ₹6.22 on the BSE.
