UB offer for Deccan opens on Sept 12

Mumbai: The UB Group's open offer to the public for acquisition of Deccan Aviation shares (Air Deccan), will now open on September 12, nearly seven weeks after the date (July 25) originally announced. The revised completion schedule for the open offer has now been filed with the Securities and Exchange Board of India (SEBI).
As per this revised schedule, the offer will commence on September 12 and close on October 1. The payment for the quantum of shares accepted will be communicated by mid-October.
The UB Group's open offer had hit a roadblock after the acquirers (UB Group) failed to furnish a declaration that it had made firm financial arrangements for funding the open offer. In the event, SEBI objected to the merchant banker informing the stock exchange in July that SEBI had not cleared the draft offer document. SEBI then said that the question of going ahead with the open offer did not arise when the acquirer (UB Group) had not yet made firm financial arrangements for the purchase.
09/09/07 Sify

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Categories: Air Deccan Sep 2007, Kingfisher Sep 2007