Mumbai: Kodak UK and Eastman Kodak have made an open offer for the acquisition of 25.24-per cent equity in Kodak India Ltd at Rs 350 per share.

JM Morgan Stanley Pvt Ltd has informed the Bombay Stock Exchange that Kodak Ltd (Kodak UK) along with Eastman Kodak Company (Kodak US) is making a voluntary offer to the public shareholders of Kodak India to acquire up to 2,823,385 fully paid-up equity shares at a price of Rs 350 per share (the offer price) payable in cash.

Kodak UK holds 8,362,831 equity shares of Rs 10 each, representing 74.76 per cent of the issued equity share capital of Kodak India. The offer will open on 10 September 2002 and close on 9 October 2002. Kodak India had posted a net profit of Rs 209.8 million for the financial year ended 31 December 2001 as compared to a net profit of Rs 341 million for the financial year ended 31 December 2000.

The net sales have increased from Rs 6,674.4 million for the financial year ended 31 December 2000 to Rs 7,335 million for the financial year ended 31 December 2001. The total income for the year ended 31 December 2001 was Rs 7,355.7 million as compared to the total income of Rs 6,720 million for the corresponding last fiscal.

It recommended a dividend of Rs 6 per share (including Rs 1.50 per share as a special dividend) for the year ended 31 December 2001 as compared to Rs 10 per share (including Rs 5.50 per share as special dividend) for the preceding year ended 31 December 2000. Kodak India says it closed down Kodak Nepal Pvt Ltd (KNPL) and its operations in Nepal. Kodak India had invested an amount of Rs 25 million, being 20 per cent of the equity share capital of KNPL. The full provision for the write-down of the companys investment of Rs 25 million in KNPL was made in the unaudited results for the nine months ended 30 September 2001.