Camlin Fine Sciences (CFS) currently has a promoter group shareholding of only 17.55%. Balance 38.73% is owned by institutions and remaining 43.72% by public.
- Of 17.55% promoter, 8.66% is owned by Ashish Dandekar
- Of 38.73% institutional, 21.1% is owned by Mauritius based long term investor Infinity Group.
Both of them have decided to join together pooling off their shareholding and voting rights for a greater focus and control on the business. Infinity Group will be reclassified as the Promoter of CFS.
The current combined shareholding therefore becomes 29.76%, triggering the need for the open offer.
Open offer to acquire additional 26% has been announced (by the newly combined group).
- Offer price has been fixed at Rs 160/ share entailing a maximum outlay of Rs 713 cr.
- It is similar to the prevailing market price of the shares. (Rs 152 was the previous day closing price)
- Assuming full acceptance in the Open Offer of 26%, the newly combined promoter group may become owners of 55.76% of CFS.