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September 16, 2004
PR No.
231/2004
In the matter of proposed acquisition of the entire balance public shareholding in M/s. SRP Tools Ltd. by M/s. Andavar Investments Pvt. Ltd. and persons acting in concert
An Order dated August 31, 2004 was passed by Shri T.M. Nagarajan, Whole Time Member, SEBI directing M/s. Andavar Investments Pvt Ltd., M/s. Subramanian Investments Pvt. Ltd., M/s. Valliammai Investments Pvt. Ltd. and M/s. Ramanath Investments Pvt. Ltd.(�the Acquirers�) to make a fresh public offer under the Securities and Exchange Board of India (Delisting of securities) Guidelines, 2003, with regard to the acquisition of remaining shares of M/s. SRP Tools Ltd. within a period of 45 days from the date of order.
As per the aforesaid Order, the promoters of the Target Company, who were already holding 74.998% of its share capital, made a public announcement to acquire the balance shareholding from the public. The intended acquisition of the balance shareholding of the Target Company by the promoters would clearly fall within the purview of the delisting guidelines. It was therefore felt appropriate, in the interest of public shareholders, to insist on the acquirers to abide by the delisting guidelines for proposed acquisition of the entire balance shareholding from the public.
Mumbai
September 16, 2004
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