Hognas AB’s second open offer closes on October 16

Our Markets Bureau

Mumbai, Oct 8: Hognas AB, one of the world’s leading producers of metal powders, has made a second open offer to buy out minority shareholders in its Indian subsidiary, Hognas India Limited (HIL) at a price of Rs 100 per equity share.

The offer which opened on September 17, closes on October 16, 2001. The offer is being made to further Hogna AB’s global policies of having fully-owned subsidiaries in all the countries in which it opearates.

Hognas AB made an earlier offer to HIL shareholders at Rs 100 per share and had succeeded in raising its eqity stake in HIL from 51 per cent to the present shareholding of 84.69 per cent.

If the parent is able to raise its shareholding to 90 per cent,
or more in its Indian subsidiary, it will make another offer
required by the Sebi under the takeover regulations.