JSPL attempts to buy Rocklands for AUD 88 Million
Thursday, 21 April 2011, 16:48 IST
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New Delhi: Naveen Jindal-led JSPL said it will make an open offer to fully acquire Australia's Rocklands Richfield for 88 million Australian dollars, where the Indian firm has over 14 percent stake. This is the second time in less than two years that JSPL is attempting to buyout the Australian coal miner. JSPL would launch an open offer beginning May 5 to buy all the remaining shares in Rocklands at a price of AUD 0.25 per piece, that would value the deal at around AUD 88 million, according to a regulatory filing to the Australian Stock Exchange. "...Jindal Steel and Power (Australia) Pty Ltd (Jindal), wholly-owned subsidiary of JSPL is making an on-market takeover offer for all of shares in Rocklands Richfield Ltd. Under terms of offer, Jindal is offering AUD 0.25 cash for every Rocklands share held," Wilson HTM said in the filing.
Source: PTI
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