The Wimco shares were acquired by Russell Credit Ltd, a fully-owned subsidiary of ITC Ltd. The company will next make an open offer to the remaining Wimco shareholders with an aim to delist the company from the bourses.
As Swedish Match AB, along with its subsidiaries, has a pending obligation to the Securities & Exchange Board of India to make an open offer to the Wimco shareholders, it today announced that it would soon come out with an offer for 20 per cent of the company' stock. The shares acquired through the offer would subsequently be sold to ITC Ltd.
The Wimco board at its meeting on Friday inducted six ITC Ltd nominees, including R Srinivasan, R Tandon, R K Singhi, R Gopal, R L Auddy and D Dutta as directors.
John Doherty resigned as managing director of Wimco but will continue as a non-executive director. He will be replaced by Gopal.
