KPIT to launch open offer to buy 26% stake
CK Birla Group firm, Birlasoft alongside promoters of KPIT will launch an open offer to acquire an additional 26 per cent stake in KPIT at Rs 182 per share.
Yesterday, the two companies had announced an amalgamation scheme, under which shareholders of Birlasoft will get 22 equity shares of the combined KPIT-Birlasoft entity for every nine equity shares of Birlasoft.
The open offer for acquisition of up to 5,13,49,673 equity shares from minority shareholders of KPIT represents 26 per cent of the voting equity share capital of the company, a KPIT filing to BSE said.
The open offer will be made by Proficient Finstock LLP (a KPIT shareholder), Kishor Patil (KPIT co-founder), National Engineering Industries (a Birlasoft promoter) and Birlasoft (India) Ltd among others, it added.
KPIT and Birlasoft had said they will first merge Birlasoft into KPIT and later split the combined entity into two public companies, one that will focus on automotive engineering and mobility solutions, while the other will engage in enterprise digital business.
Shares of KPIT today closed 4.8 per cent higher at Rs 219.30 apiece on BSE.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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