Makers Laboratories Ltd announces open offer to acquire upto 30,01,440 shares of Resonance Specialties Ltd at Rs. 55.50

Makers Laboratories Limited ("Acquirer 1") and Kaygee Investments Private Limited ("Acquirer 2") (hereinafter collectively referred to as "the Acquirers") have made a public announcement through Arihant Capital Markets Limited, the Manager to the Open Offer ("Managers") an open offer for acquisition of upto 30,01,440 Equity Shares from shareholders of Resonance Specialties Limited, having its Registered Office at 301, Evershine Mall, Off Malad Link Road, Malad West, Mumbai - 400 064 ("Target Company") at a price of Rs. 55.50 (Rupees Fifty Five and Paise Fifty only) per Equity Share.

The Acquirers have entered into a Share Purchase Agreement on September 29, 2020 ("SPA") with Ushma Investments Private Limited ("Seller 1") and Vista Finance & Leasing Private Limited ("Seller 2"), entities forming part of the promoter group (hereinafter collectively referred to as "the Sellers") to acquire 62,62,000 Equity Shares representing 54.24% of fully paid-up Equity Share capital and voting capital of the Target Company through block deal / normal market / off-market purchase at a price not exceeding Rs. 42.60 per Equity Share of the Target Company.

Accordingly, on September 30, 2020, the Acquirers propose to place a purchase order with their broker to acquire in aggregate 62,62,000 Equity Shares of the Target Company from the Sellers as under :

- 29,00,000 Equity Shares representing 25.12% of the fully paid-up Equity Share capital and voting rights of the Target Company through block deal from Seller 1 by Makers Laboratories Limited

- 23,50,000 Equity Shares representing 20.36% of the fully paid-up Equity Share capital and voting rights of the Target Company through block deal from Seller 2 by Makers Laboratories Limited

- Additionally, 10,12,000 Equity Shares representing 8.76% of the fully paid-up Equity Share capital and voting rights of the Target Company will be purchased through off-market purchase from Seller 2 by Kaygee Investments Private Limited.

Shares of MAKERS LABORATORIES LTD. was last trading in BSE at Rs.83.5 as compared to the previous close of Rs. 81.95. The total number of shares traded during the day was 5123 in over 29 trades.

The stock hit an intraday high of Rs. 85.95 and intraday low of 78.1. The net turnover during the day was Rs. 428647.

Shares of RESONANCE SPECIALTIES LTD. was last trading in BSE at Rs.42.5 as compared to the previous close of Rs. 44.7. The total number of shares traded during the day was 62561 in over 282 trades.

The stock hit an intraday high of Rs. 44.65 and intraday low of 42.5. The net turnover during the day was Rs. 2690035.

Source : Equity Bulls

Keywords