We will continue to control ops, says Wheels India MD
The company has decided to go public again to meet Sebi’s deadline for listed companies to have at least 25% of equity held by non-promoters to raise R100 crore on or before June 2013.
Wheels India managing director Srivats Ram said: “By virtue of an international transaction involving the acquisition of Titan Europe by Titan International, it is required to make an open offer to the public shareholders of Wheels India under the Indian takeover code. A public announcement has been made by Titan Europe and Titan International to acquire further 14.38% from the public on December 13. This is only a statutory requirement for the foreign partner to make an open offer.”
He, however, said at Friday’s board meeting that Titan senior officials assured Wheels India management that they will continue to be partners and ensured the existing management will continue to control and manage the operations, whatever be the outcome of post open offer.
Ram said, “We hope that post open offer and public issue, there going to be no significant change at the management level and both the companies expect to have equal shareholding structure. It is remained to be seen how the shareholders respond to the open offer being made by Titan Europe and then
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