Home Retail Indiabulls makes open offer to shareholders

    Indiabulls makes open offer to shareholders


    With the acquisition of Piramyd Retail by Indiabulls Wholesale Services, the retail arm of Indiabulls Real Estate, Edelweiss Capital, has made an open offer to the shareholders of Piramyd Retail to buy up to 40,32,750 shares at Rs 74.73 per share.

    In a statement to Bombay Stock Exchange (BSE), Piramyd today said the offer is equivalent to 20 per cent of the fully diluted voting capital of the company.

    The offer will open on Feburary 2, 2008 and close on February 21,2008.

    Indiabulls is acquiring 63.92 per cent stake in Ashok Piramal-promoted Piryamyd Retail at an enterprise value of around Rs 208 crore.