THE
EIGHT HOSTILE TAKEOVER BIDS IN THE PAST THREE YEARS
|
| TARGET
COMPANY |
PROMOTERS |
RAIDERS
AND ITS PRE-OFFER STAKE |
OFFER
SIZE (%) & IN Rs |
STATUS |
| Ahmedabad
Electricity Co. Ltd October 1995 |
No identifiable
promoter |
Torrent
Power Limited |
20%
Rs 166.32 crore |
Torrent
acquired control. Bombay Dyeing had made counter bid but SEBI did
not consider it. |
| Saurashtra
Cements Limited March 1998 |
Jagmi
& Associates |
Autorider
Group
9.5% |
20%
Rs 18 crore |
Control
unchanged. Offer withdrawn. Company had issued preferential shares
to promoters.* |
| Rassi
Cements May 1998 |
B.V.
Raju & Associates |
India
Cements Ltd & others 18% |
20.28%
Rs 100 crore |
Control
changed. Promoters sold off their stake to the raider. |
Indian
Aluminium Industries Limited
May 1998 |
ALCAN |
Sterlite
Industries Limited |
20%,
incre-ased to 51% Rs 800 crore |
Control
unchanged. Counter offer by promoters raised stake to 34%. Raider
backed off.* |
| Nile
Limited June 1998 |
Panduranga
Rao & others |
Karmasad
Investments Ltd
9.96% |
20%
Rs 3.30 crore |
Control
unchanged. Offer was completed but failed to give the raider a controlling
stake. |
| AEC
Enterprises June 1998 |
Individuals |
Peacocks
Chemicals Pvt Ltd |
20%
0.91 crore |
Company’s
shareholding and control unchanged. Offer withdrawn. Status quo ante
restored. |
AEC
India Limited
June 1998 |
Individuals |
Peacocks
Chemicals Pvt Ltd |
20%
Rs 0.95 crore |
Company’s
shareholding and control unchanged. Offer withdrawn. Status quo ante
restored. |
Indo
Gulf Industries Ltd
June 1998 |
Individuals |
HB
Leasing Ltd
11.06%
|
31.36
% Rs 4.5 crore |
Offer
completed but the control remained unchanged. |
INDIA TODAY Deputy Editor Swapan Dasgupta voices the despair of a community that Jyoti Basu forcibly converted into a diaspora in his 23 years of zero-contribution rule. 
