Titan Europe makes open offer to buy 1.4 mn shares in Wheels India
The move could make Titan Europe a majority shareholder with a 50.29% stake in the company
Chennai: Titan Europe Plc, an international engineering group that designs and manufactures wheels, made an open offer to buy 1.42 million shares, or a 14.38% stake, in Wheels India, a TVS group company, for ₹ 102.8 crore, or ₹ 725 per share, on Thursday.
The move could make Titan Europe a majority shareholder with a 50.29% stake, as it already owns 3.54 million shares, or a 35.91% stake, in Wheels India.
Wheels India managing director Srivats Ram was unavailable for comment.
“I think this is a precursor for a two or three-stage plan to raise capital. With the board meeting tomorrow where they are set to discuss raising of capital, a clearer picture should emerge," said an investment banker who did not want to be named.
Shares of Wheels India rose 1.36% to ₹ 740.10 Thursday on BSE.
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