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Market Briefing
Dr Reddy's open offer to ARL shareholders
Dr Reddy's Laboratories has made an offer to all the public shareholders of American Remedies Ltd to acquire up to 10,53,080 equity shares of ARL (representing 20 per cent of the share capital) at Rs 175 per share. The total funds required for the acquisition is roughly Rs 18.42 crore and will be met through internal accruals/unutilised credit facilities. The offer opens on January 12, 2000 and closes on February 10, 2000 and is being managed by DSP Merrill Lynch. The specified date is December 1, 1999. The offer price of Rs 175 is higher than ARL's 26-weeks' average price of Rs 79.ISE dealership drive
The Inter-connected Stock Exchange of India Limited has received an overwhelming response towards its membership enrollment drive for dealers across the country specially from Bombay, Delhi and Calcutta it had invited applications for dealership at an introductory offer of Rs 5 lakh in response to which it has received over 400 applications from over 30 cities. IT firms must meet norms before IPO
Information technology minister Pramod Mahajan has said that unlisted IT companies have to meet Sebi criteria before making a public issue or an offer for sale. "In case of public issue/offer for sale of securities by any unlisted company in the information technology sector, it shall have to fulfil the criterion of track record of distributable profits emanating from information technology business or activities," Mahajan said in a written reply in Lok Sabha. Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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