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Journalism of Courage
Kodak UK & Eastman Kodak has made an open offer to acquire 25.24 per cent equity in Kodak India at Rs 350 per share.
In a notice to the BSE, JM Morgan Stanley Pvt Ltd — the lead manager to the open offer — stated that the voluntary offer to the public shareholders of the Kodak India Ltd is to acquire up to 28,23,385 fully paid up equity shares at the said price.
The parent (Kodak UK) holds 74.76 per cent (83,62,831 equity shares) in Kodak India as on the date of the announcement, the BSE notice said. Consequent to the open offer being subscribed to the extent of 15 per cent of the equity, the scrip will get delisted from the stock exchanges.
The open offer will open on September 10, 2002 and close on October 9, 2002. The specified date for the open offer is August 01, 2002, the notice said.
The Kodak scrip on the BSE opened at Rs 320.00 and touched a high of Rs 339.75 before closing at Rs 339.10, recording a volume of 1,24,229 shares during the day. The company had posted a net profit of Rs 20.98 crore on a turnover of Rs 733.50 crore for the year ended December 2001.
