Clariant to make an open offer for 20% Colour Chem stake

Our Markets Bureau
08 April 2003

Mumbai: Switzerland-based speciality chemicals major Clariant International (CIL) will make an open offer to acquire a 20-per cent stake in Colour Chem (CCL) at Rs 318 per share.

In a notification to the stock exchanges, EBITO Chemiebetelligungen AG, which is a wholly-owned subsidiary of CIL, will make an open offer to acquire 23,30,000 fully paid-up equity shares of Rs 10 each, representing 20 per cent of the paid-up equity share capital of CCL.

Clariant currently holds 58,37,080 shares, representing 50.1 per cent, in the paid-up equity share capital of CCL. The offer opens on 28 May 2003 and closes on 26 June 2003. HSBC Securities & Capital Markets India Pvt Ltd are the merchant bankers.

Shares of Colour Chem rose by 8.78 per cent to close at Rs 219.25 with 1.56 lakh shares being traded on the Bombay Stock Exchange. On the National Stock Exchange, it increased by 9.06 per cent to close at Rs 221 with 3.53 lakh shares changing hands.