Warburg Pincus group and associates are making an open offer to the shareholders of Max India Ltd to acquire additional 20 per cent stake in the company for Rs 200 per share payable in cash.
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Parkville Holdings Ltd and Ensley Ltd, both Warburg group entities, and people acting in concert are making an offer for 68.57 lakh (6.86 million) Max India shares, DSP Merrill Lynch, manager to the offer, informed the Bombay Stock Exchange on Wednesday.
The offer would open on July 20 and close on August 18.
The offer is not conditional on any minimum level of acceptance by the shareholders, it said.
This open offer follows Max India Ltd's decision to issue 1 crore (10 million) company shares (29.17 per cent stake) to Warburg Pincus for Rs 200 crore (Rs 2,000 million).