Mumbai: Belgium-based Cockerill Maintenance & Ingenierie SA today made an open offer to the shareholders of Flat Products Equipments India for acquiring 20% stake in the company for Rs51.05 crore.
Cockerill Maintenance proposes to acquire up to 9,87,563 equity shares aggregating to 20% stake in Flat Products at Rs517 per share.
The offer would open on 10March and would close on 29March this year, Flat Products said in a communique to the Bombay Stock Exchange.
The open offer price represent 7.58% premium to the closing price of Flat Products on the BSE on 15January.
Cockerill Maintenance is engaged in designing equipment and develop its overall performance through a combination of expertise in maintenance and engineering.
Shares of Flat Products were trading at Rs490, up 1.97% on the BSE in afternoon trade.