SSI to make 20 per cent open offer to Telephoto shareholders

MUMBAI: After acquiring controlling stake, SSI Limited will make a 20 per cent open offer to the remaining shareholders of the Chennai-based production house Telephoto Entertainment.

According to an announcement published by the company in the Bombay Stock Exchange (BSE), the open offer is to acquire 12,28,000 fully paid up equity share of Rs 10 each representing 20.01 per cent of the fully expanded voting equity capital of the target company (assuming full allotment under the proposed Preferential Issue of equity share) at a price of Rs 19 for each equity share of the target company, payable in cash, in terms of Regulation 20 of the Regulations.

According to the statement, the open offer will begin on 23 January and close on 11 February.