Pramod Jain Makes Fresh Offer To Buy 25% Stake In Golden Tobacco

Pramod Jain, his venture and JP Financial Services are together looking to buy 25% equity stake in Golden Tobacco.

Mahima Kapoor @mahimakapoor12

01 Jan 2018, 02:46 PM IST

Tobacco cigarettes are arranged for a photograph. (Photographer: Kiyoshi Ota/Bloomberg)

Plus Corporate Ventures, its director Pramod Jain and JP Financial Services have made an open offer to buy 25 percent equity stake in Golden Tobacco.

The three entities will together acquire 4.4 million shares in Golden Tobacco, at Rs 101 per piece, according to a newspaper advertisement posted by SPA Capital Advisors which is managing the open offer.

Jain had earlier made the same offer in 2009 and later sought to withdraw it citing deals from Golden Tobacco, including a land deal in Mumbai. The case reached the Supreme Court in November 2016 which rejected Jain's plea for withdrawal, according to a report by Bloomberg.

This offer will open on Feb. 14 and close on March 5, according to the advertisement.

The cigarette-maker rose as much as 15 percent to Rs 54.95 per share after during the day and was trading with 5 percent gains as of 2:20 p.m.