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Nisshinbo and RHL intend to acquire over 15.82 lakh fully paid-up equity shares, representing 20 per cent of the expanded voting capital of Rane Brake Lining, Rane Holdings, which holds a 38.55 per cent stake in RBL, said in a filing to the Bombay Stock Exchange.
The open offer, scheduled to commence on April 24, would close on May 13, it said, adding a price of Rs 50 per share would be paid by Nisshinbo and RHL to the shareholders of Rane Brake Lining.
Shares of Rane Brake Lining closed at Rs 42.90, up 20 per cent, while Rane Holdings stock closed at Rs 45.10, down 3.43 per cent from the previous close on the BSE.
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