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November 06, 2006
PR No. 243/2006
Acquisition of shareholding of M/s. Falcon Tyres Ltd. and
M/s. Dunlop India Ltd. by M/s. Wealth Sea Pte. Ltd.
Dr. T.C.Nair, Whole Time Member, SEBI, has passed an order dated November 01, 2006 directing M/s. Wealth Sea Pte. Ltd. (“the Acquirer”) to make a public offer to the shareholders of M/s. Falcon Tyres Ltd. and M/s. Dunlop India Ltd. within a period of 45 days from the date of order under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997.
As per the aforesaid Order, the acquirer acquired entire share capital of M/s. Dil Rim and Wheels Corporation Ltd. (DRW) from M/s. Jumbo World Holdings Ltd. through a share purchase agreement. DRW was having 74.50% of the equity shares of M/s. Dunlop India Ltd. and 68.98% of the equity shares of M/s. Falcon Tyres Ltd. The said acquisition mandated the acquirer to make open offer to the shareholders of M/s. Falcon Tyres Ltd. and M/s. Dunlop India Ltd. in terms of the Takeover Regulations. The acquirer failed to comply with the said mandatory requirement.
Mumbai
November 06, 2006
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