Nahar Spinning raises open offer for Nahar Poly Films to Rs50 a share

Nahar Spinning Mills Ltd has revised its offer price to the shareholders of Nahar Poly Films Ltd to Rs50 per fully paid-up share from the earlier Rs40 a share, thereby raising the offer size to Rs12,18,62,550 from Rs9,74,90,040, assuming full acceptances of the offer.

The revised offer price would be payable to all shareholders who have accepted the offer and have tendered their shares at any time during the term of the offer provided their tenders have been found valid and accepted by the acquirer, managers to the issue Sobhagya Capital Options Ltd said in a filing with the Bombay Stock Exchange (BSE).

All other terms and conditions of the offer as stated in the public announcement and letter of offer remain unchanged, the filing said.  

Nahar Spinning had on 9 November 2010 offered to acquire up to 24,37,251 fully paid-up equity shares of Rs5 each of Nahar Poly Films Ltd (formerly Nahar Investments and Holding Ltd), representing 9.91 per cent of the total paid-up equity share capital of the target company.

The notice has been issued to for shareholders of the target company to take note the amendments to the offer and public announcement.