India : IBREL buys out Ashok Piramal stake in Piramyd

Piramyd Retail Ltd has informed that a Share Purchase Agreement dated December 08, 2007 has been entered between Indiabulls Wholesale Services Ltd (IWSL) a wholly owned subsidiary of Indiabulls Real Estate Ltd (IBREL) and the Promoters of Piramyd Retail Ltd ("the Company"), for acquiring 63.92% of the equity share capital of the Company from the existing Promoters of the Company.

Based on the above and on behalf of IWSL a Public Announcement dated December 09, 2007 was made by Edelweiss Capital Ltd, Manager to the Offer to make an open offer under the Securities & Exchange Board of India (Substantial Acquisition of Shares & Takeovers) Regulations, 1997 to the public shareholders of the Company for acquisition of 20% of the fully diluted voting capital of the Company at an offer price of Rs 74.73 per share.

An intimation to this effect was received by the Company from Edelweiss Capital Ltd on December 10, 2007.

Piramyd Retail Ltd

Source at Fibre2fashion.com