Aptech Investments eyes Aptech Ltd

MUMBAI: Aptech Investments has made an open offer to acquire up to 20 per cent of computer education firm Aptech Ltd following an agreement to take over management control of the company from SSI Ltd.

IL& FS Investsmart, the managers to the offer, said Aptech Investments has offered to purchase from public shareholders of Aptech Ltd up to 6.89 million shares at 61 rupees each, totalling 420.3 million rupees.

In an advertisement in one of the business dailies, IL& FS Investsmart said Aptech Investments is a partnership formed by three companies including one founded by Bombay broker Rakesh Jhunjhunwala.

The offer will open on September 5 and close on September 26.

Aptech Investments had earlier agreed to buy a 10 percent stake, or 3.35 million shares, from SSI in Aptech Ltd. at 56 rupees each, totalling 187.66 million rupees. It will also pay SSI 30 million rupees as fees not to compete with it.

It also agreed to subscribe to additional shares or warrants to be issued preferentially by Aptech Ltd. Details of the number of shares were not disclosed.

Aptech had said earlier that its board will meet on July 19 to discuss a preferential issue of up to 500 million rupees.