Home BusinessGolden Tobacco board to mull Jain's open offer on Dec 1
Golden Tobacco today said its board will meet on December 1 for considering a proposal from Pramod Jain to acquire another 25 per cent stake in the Sanjay Dalmia-promoted company.
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"The board of directors of the company will meet on December 1, for taking on record of the open offer for acquisition of 44,02,201 (25 per cent) shares of the company by Pramod Jain and Pranidhi Holdings," Golden Tobacco said in a filing to the Bombay Stock Exchange.
On November 13, Pramod Jain, a minority shareholder of the company, had made an open offer to acquire another 25 per cent stake in the Sanjay Dalmia-promoted company, a move that could possibly open a clash for management control.
Jain, who holds 6.47 per cent stake in Golden Tobacco had said that by increasing his holdings he intended to prevent the promoters from stripping the company"s assets by taking control of the company.