Blackstone stake in Gokaldas at 67.88%
February 21, 2008
The Blackstone group has increased its stake in Bangalore-based Gokaldas Exports to 67.88% after the open offer at Rs 275 per share.
According to a release issued by Gokaldas to the BSE today, Blackstone had offered to acquire 6.875 million shares (20% of the equity share) in the open offer.
Blackstone has been able to acquire 6.113 million shares (17.78%). Post-offer, the shareholding of the group is 23.334 million shares (67.88%).
The board of directors of Gokaldas, which met today, approved the appointment of Akhil Gupta, Richard Saldanha and Mathew Cyriac as additional directors.
Madanlal J Hinduja has resigned as managing director from February 21, but will continue as non-executive chairman. Rajendra J Hinduja has been appointed managing director for one year from February 21, according to the release.
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