Sundaram Investment Ltd (SIL) has revised the final exit offer price to its shareholders from Rs.48 to Rs.63 per share (Rs.5 face value), based on the valuation done by Deloitte Touche Tohmatsu India Private Limited.
A resolution to this effect has been placed for shareholders’ approval at the 10 annual general meeting to be held here on September 29.
As of August 15, 2014, SIL has 14,139 shareholders holding nearly 14.48 lakh equity shares representing 7.68 per cent of share capital, according to SIL’s annual report for 2013-14.
Considering the illiquidity of the shares, the board decided to provide final exit option at a price of Rs.63 (Rs.5 face value plus Rs.58 premium) for a consideration of Rs.9.12 crore, company director H. Lakshmanan said in a notice to the shareholders.
The shareholders of Sundaram Clayton Ltd. (SCL) were allotted shares in SIL under the composite scheme of arrangement during August 2012.
SIL proceeded to acquire 36.88 lakh shares at Rs.48 per share through Sundaram Engineering Products Services Ltd.
But, the later could acquire only 22.38 lakh shares, representing 11.86 per cent.
