Aditya Birla Nuvo Ltd, Kumaramanglam Birla's flagship company, has announced its open offer for 20% stake in Apollo Sindhoori Capital Investments Ltd. The open offer has been priced at Rs 64.08, the same price that Aditya Birla Group paid to the promoters of Apollo Sindhoori. The open offer starts on October 23 and ends on November 11, the company said informing the Bombay Stock Exchange. Enam Securities Pvt Ltd will be the manager to the offer.
Last week AB Group acquired 56% stake in Chennai-based Apollo Sindhoori for $45.5 million (Rs 199 crore). The Reddy family exited from Apollo Sindhoori as a part of its strategy to divest its interests in non-core businesses, but continues to hold 10% stake in the entity. If the open offer is completely successful, the holding of AB Group will go up to 76%.
Apollo Sindhoori has a network of 760 branches, out of which 190 it owns and other 570 are franchisees. It also has 10 years experience in the broking business and over 150,000 clients.