MUMBAI: Leading global specialty chemicals manufacturer RPM International Inc today said it has made an open offer to acquire an additional 20 per cent stake in Kemrock Industries and Exports for Rs 201.51 crore.
RPM International Inc proposes to acquire 37,38,440 shares of Kemrock Industries, representing 22.29 per cent of the current equity capital (20 per cent of the diluted equity capital), at a price of Rs 539 a share, Kemrock -- a fully integrated fiberglass reinforced plastic composites manufacturer -- said in a regulatory filing.
The open offer will start on July 7, and will close on July 26, 2011.
For the quarter ended March 31, RPM International had 24,96,266 shares in Kemrock, representing a 14.9 per cent stake.
Commenting on the development, Kemrock Founder and Managing Director Kalpesh Patel said, "We've had a long-standing partnership with RPM and we welcome this additional investment as a means to further our business relationship."
Shares of Kemrock were trading at Rs 512, down 1 per cent, in late afternoon trade on the Bombay Stock Exchange. MUMBAI: Leading global specialty chemicals manufacturer RPM International Inc today said it has made an open offer to acquire an additional 20 per cent stake in Kemrock Industries and Exports for Rs 201.51 crore.
RPM International Inc proposes to acquire 37,38,440 shares of Kemrock Industries, representing 22.29 per cent of the current equity capital (20 per cent of the diluted equity capital), at a price of Rs 539 a share, Kemrock -- a fully integrated fiberglass reinforced plastic composites manufacturer -- said in a regulatory filing.
The open offer will start on July 7, and will close on July 26, 2011.
For the quarter ended March 31, RPM International had 24,96,266 shares in Kemrock, representing a 14.9 per cent stake.
Commenting on the development, Kemrock Founder and Managing Director Kalpesh Patel said, "We've had a long-standing partnership with RPM and we welcome this additional investment as a means to further our business relationship."
Shares of Kemrock were trading at Rs 512, down 1 per cent, in late afternoon trade on the Bombay Stock Exchange.