Devonshire Capital
Wednesday, October 25th 2000

Business Line Financial Daily from THE HINDU group of publications

Devonshire to buy Times Guaranty

Our Bureau

MUMBAI, Oct. 24

THE Devonshire Capital group, a South-East Asia-based privately-owned investment and merchant banking group, is to acquire the entire 74.92 per cent equity stake of the Bennett Coleman & Company Ltd in Times Guaranty Ltd for $2 million.

This works out to Rs 4 per share of Times Guaranty. The Devonshire group announced its intention to make an open offer to acquire an additional 20 per cent in Times Guaranty at Rs 7 per share payable in cash.

The group will also acquire Times Guaranty's preference equity of Rs 6 crore.

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