On 11 February 2008, the board of
directors of Vadodara-based Apar Industries approved a proposal to acquire
majority stake in Uniflex Cables.
Apar Industries will acquire 42
percent stake in Uniflex Cables, which will Apar Industries the single largest
shareholder in Uniflex. This apart, the company will subscribe to four million
warrants, which will increase its stake to 49 percent, making the deal worth
above Rs.70 crore. Uniflex Cables has been valued at an enterprise value of over
Rs.160 crore.
After acquiring Uniflex shares, Apar
Industries, under the market regulator's rules for acquisition of shares and
takeovers, will make a public offer for acquiring another 20 percent stake in
the cable company.