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Sunday, April 25, 1999
L&T to make another open offer to Narmada Cement shareholder
FE NEWS SERVICE
Mumbai, Apr 24: Larsen & Toubro Ltd (L&T), which now holds a 74.5 per cent stake in the Narmada Cement Company Ltd (NCCL), is likely to make a "voluntary open offer" to the remaining shareholders of NCCL. During an earlier public offer which closed on April 3, 1999, approximately 65.5 lakh shares (12.9 per cent of NCCL's share capital) were tendered at Rs 34 per share, an L&T release said here today adding the proposed offer would also be at the same price.L&T had signed an agreement on January 4 with the Chowgule group for acquisition of approximately 62 per cent of voting share capital of NCCL, pursuant to which the public offer was made. Meanwhile, at a board meeting of NCCL held today, L&Ts nominees were appointed on the former's board and the nominees of the original promoter group, the Chowgules, resigned signifying the takeover of NCCL by L&T. Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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