Jhunjhunwala makes open offer for Aptech

Rakesh Jhunjhunwala and a host of privately held companies have made a 20 per cent open offer for the shareholders of Aptech Ltd.

The offer at Rs 61 a share, is at a 36 per cent discount to today's close of Rs 92.50. The offer will open of September 5, 2005 and will close on September 26, 2005.

The open offer follows a share purchase agreement between SSI, a promoter of Aptech Ltd, and Marganta Textiles, Damani Investments and ASK Investment and Financial Consultants.

As per the agreement, SSI will sell 33.51 lakh (3.3 million) shares, representing a 10 per cent stake of Aptech at Rs 56 a share to the privately held companies for Rs 18.76 crore (Rs 187.6 million).

The agreement also provides for a payment of Rs 3 crore (Rs 30 million) as non-complete amount. Aptech Investments will also consider subscription to additional shares to be issued by Aptech Ltd by way of preferential allotment.

Aptech Investments has today announced an open offer to acquire 20 per cent of Aptech.

Aptech, whose primary business is computer and multimedia education, has issued a public offer to it shareholders where it has stated that Aptech Investments will acquire 68,90,000 Aptech shares at Rs 61 a share. The acquisition would total to Rs 42.03 crore (Rs 420 million).

Aptech Investments is an outfit that has been registered as a partnership firm on July 15, 2005.

Its partners include Marganta Textiles, Damani Investments and ASK Investment and Financial Consultants. Of these MTPL is a company promoted by Rakesh Jhunjhunwala.