GTC

Thursday, November 12, 2009

 GTC::In an unsolicited takeover move, Pramod Jain and two other
companies acting in concert made an open offer to acquire 25% stake in Golden
Tobacco Ltd at 101 rupees a share with the aim of controlling the company.
    The move follows the acquisition of 6.47% stake in the company by Pramod
Jain, Pranidhi Holdings Pvt Ltd and JP Financial Services Pvt Ltd.
    A major portion of the 6.47% stake came via JP Financial Services'
acquisition of 890,000 Golden Tobacco pledged shares due to non-payment by an
undisclosed borrower,
    The main aim of the open offer is to acquire a substantial stake and
voting rights accompanied with change in control and management of the Sanjay
Dalmia group company    The open offer will start Dec 30 and close on Jan 18.