Agritech Limited has announced a revised public offer from Fauji Fertilizer Company Limited (FFC) to acquire up to 151.05 million ordinary shares. The revised offer price has been increased from Rs 38.84 to Rs 39.05 per share, reflecting a competitive response to a bid made by Maple Leaf Cement Factory Limited (MLCF) earlier this month.
This revision, aimed at securing approximately 35.57% of Agritech’s paid-up share capital, raises the total transaction value from Rs 5.867 billion to Rs 5.899 billion. The acceptance period for the offer has been extended, with the offer remaining open for acceptance from December 12, 2024, to January 4, 2025.
MLCF had previously submitted an offer on November 6, proposing Rs 39.00 per share to acquire a 37.86% stake in Agritech. This triggered FFC’s adjustment to maintain competitiveness. Both bids demonstrate the high interest in Agritech’s shareholding, with FFC’s revised terms underscoring its commitment to the acquisition.
Integrated Equities Limited, managing the offer, confirmed that all relevant documents, including the Offer Letter, will be updated to reflect the revised price and terms.
With competing bids from two major players, Agritech’s shareholding remains at the center of significant corporate interest.
