Titan Europe Plc and Titan International have announced an open offer for acquisition of 14.19 lakh shares of the face value of Rs.10 each of Wheels India.
This constitutes about 14.38 per cent of fully diluted voting equity share capital of Wheels India. According to a filing on the BSE, the offer price is Rs.725.38 per share.
“The open offer is being made consequent to indirect acquisition of control over ‘target company (Wheels India)’ by the acquirer,” it said.
Titan Europe is reported to be holding around 36 per cent in Wheels India. The open offer is triggered in the wake of acquisition of Titan Europe by its parent Titan International. Sources dismissed speculations on theoretical possibilities.
