As per the open offer, in concert with other group companies, the SWCL will acquire 16,90,000 fully paid up shares of CBL. The offer is to open on February 4, 2000 and will close on March 4, 2000, which is managed by Lodha Capital Markets Ltd, Calcutta.

Though SWCL and others had acquired 34.91 per cent of voting shares fromits promoters, KVD Prasad Rao and associates way back in 1994 at negotiated price of Rs 15 per share, it could not complete the takeover process due to Supreme Court's direction to seek prior approval of the company law board before making any finanical commitment over Rs 50 lakh, as various winding up petitions were filed against it.

Consequent to the Securities and Exchange Board of India's approval to complete the open offer process in September 1999, the acquirer has now made a fresh annoucement for open offer.

The other acquirers include, Cruickshank and Company, Maharashtra Distilleries, Alaknanda Manufacturing and Finance, Vibhavari Finance and Investment and Malleswara Finance and Investment. CBL is engaged in the manufacture of beer, with an installed capacity of 20,000kl of beer. The plant is located at Shivampet Village at Medak. It has a issued capital of 84,50,000 equity shares of Rs 10 each, of which 82,51,600 shares are fully paid and 1,98,400 shares are partly paid. The acquirer shall accept the partly paid shares also and entitled to deduct the unpaid portion from the offer price.

The acquirers have opened an escrow accout with Standerd Chartered Bank with a deposit of Rs 26 per cent of the total consideration, as per the Takeover Regulations.