Asian Paints on Monday said it has closed its open offer for buying the shares of Berger International Ltd, Singapore (BIL) and has acquired 96.48 per cent stake in the latter.
The open offer made by its Mauritius-based wholly owned subsidiary Asian Paints International Ltd (APIL) closed on November 8, Asian Paints said in a filing to BSE.
“The total numbers of shares owned, controlled, acquired or agreed to be acquired by APIL together with valid acceptances of the offer, amounts to an aggregate of 100,242,365 shares, representing approximately 96.48 per cent of the total number of issued shares of BIL as at the date of this announcement. Further the offer is no longer for acceptances,” Asian Paints said.
On October 1, Asian Paints had said that it has increased holding in BIL to 90.44 per cent through its ongoing open offer.
The offer would close on October 9, 2013 or such later date as may be announced from time to time by APIL.
“APIL owns and holds approximately 90.44 per cent, of the total number of issued shares of Berger International Ltd, Singapore - indirect subsidiary of Asian Paints, as at the date of this announcement, together with the valid acceptances received in terms of the aforesaid Offer,” it had said.