Madhuri S Pitti and Pitti Electrical Equipment Private Limited completed the acquisition of upto 20% stake in Pitti Laminations Ltd. (BSE: 513519) from existing shareholders.
October 11, 2022
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Madhuri S Pitti and Pitti Electrical Equipment Private Limited made an offer to acquire upto 20% stake in Pitti Laminations Ltd. (BSE: 513519) from existing shareholders for approximately INR 110 million on September 9, 2011. As part of the transaction, 2.7 million shares of Pitti Laminations are to be acquired by Madhuri and Pitti Electrical at INR 41. The transaction would be financed from their existing cash and bank balance. The tender offer would open on October 31, 2011, and closes on November 19, 2011. As of September 9, 2022, Madhuri S Pitti and Pitti Electrical Equipment Private Limited revised an offer to acquire upto 20% stake in Pitti Laminations Ltd. (BSE: 513519) from existing shareholders for approximately INR 580 million. As part of the transaction, 6.41 million shares of Pitti Laminations are to be acquired by Madhuri and Pitti Electrical at INR 90. The tender offer would open on September 23, 2022, and closes on October 12, 2022.
The transaction is subject to approval of Reserve Bank of India as required under Foreign Exchange Management Act, banks and financial institution. Kotak Mahindra Bank and State Bank of India have approved the transaction and other others banks need to approve. As on December 31, 2012, SEBI vide letter dated December 17, 2012, issued its observations in terms of the proviso to Regulation 18(2) of the regulations on the draft letter of offer submitted on September 19, 2011 that the offer price be revised. SEBI has a statutory right to appeal the SAT Order before the Hon'ble Supreme Court of India. SEBI has, by its letters dated December 5, 2013 and January 2, 2014 directed to not proceed with the offer because it intends to pursue an appeal to challenge the SAT Order. Preeti Swaroop and Venkata Raveendra R of BOB Capital Markets Ltd. acted as financial advisor and Bigshare Services Pvt. Ltd. acted as registrar for Madhuri S Pitti and Pitti Electrical Equipment. National Securities Depository Ltd. acted as depository bank for Madhuri S Pitti and Pitti Electrical Equipment. D. V. Aditya & Co. acted as the accountant for Madhuri S Pitti and Pitti Electrical Equipment.
Madhuri S Pitti and Pitti Electrical Equipment Private Limited completed the acquisition of upto 20% stake in Pitti Laminations Ltd. (BSE: 513519) from existing shareholders on October 12, 2022.
Pitti Engineering Limited is an India-based company, which is engaged in the manufacture of engineering products of iron and steel. These products include electrical steel laminations, stator and rotor core assemblies, sub-assemblies, pole assemblies, die-cast rotors, press tools and high precision machining of various metal components. The Company operates through Engineering Products of Iron and Steel segment. The Company supplies a range of engineering products to various diversified segments, such as hydro and thermal generation, windmill, mining, cement, steel, sugar, construction, lift irrigation, freight rail, passenger rail, mass urban transport, e-mobility, appliances, medical equipment, oil and gas and several other industrial applications. It is engaged in the manufacture of engineering products/components through its wholly owned subsidiary, Pitti Rail and Engineering Components Limited. Its manufacturing units are located in Hyderabad and Aurangabad.
Madhuri S Pitti and Pitti Electrical Equipment Private Limited completed the acquisition of upto 20% stake in Pitti Laminations Ltd. (BSE: 513519) from existing shareholders.