Financial Daily from THE HINDU group of publications
Tuesday, Jun 04, 2002
Financial Daily from THE HINDU group of publications Tuesday, Jun 04, 2002 |
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Open Offers Info-Tech - Telecommunications Tatas to accept ADSs of VSNL Our Bureau
MUMBAI, June 3 THE Tatas will be accepting 93,73,982 American depository shares of VSNL tendered under the open offer for 20 per cent stake in the telecom company. Of the valid tenders received, the number of ADSs validly tendered was 1,34,23,601, representing 2,68,47,202 equity shares, each ADS being equivalent to two equity shares. Those ADSs whose underlying equity shares have been accepted will be cancelled and the cash proceeds will be distributed, said VSNL in its notice to the Stock Exchange, Mumbai. Those that have not been accepted will be returned in the form of ADSs.The total number of valid tenders received was 8,16,31,548, said VSNL, in its notice to the exchange.The maximum number of equity shares that can be accepted under the offer is 5,70,00,000, whose ratio to the number of valid tenders is 0.698. The open offer was made by the Tata group's investment vehicle, Panatone Finvest Ltd. The open offer was for 20 per cent of the company's paid-up capital at Rs 202 per share.
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