Senthilverl triggers takeovers code at Orient Garments
Wednesday, 12 February 2014 00:17
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Low profile but high networth investor Dr. T. Senthilverl has triggered the SEC Takeovers and Mergers Code on Orient Garments PLC (OGL).
This is following Dr. Senthilverl buying 8.4 million shares or 15.3% stake in OGL for Rs. 71.4 million. The acquisition saw his overall stake increasing to 37.9% or 20.8 million shares.
Dr. Senthilverl has said he will be making a mandatory offer at Rs. 8.50 per share on Monday. wHe was appointed to OGL Board.
In December Adam Investments Ltd acquired control of OGL with a 40% stake with S.H.M. Rishan’s PCH Holdings becoming a minority shareholder with 21% stake.
