Calcutta, June 8: The Khaitans have made an open offer for a 20 per cent stake in Williamson Tea Assam at Rs 145 per share. The offer will open on August 1 and close on August 22.

The Khaitans clinched a deal last Friday with Philip Magor, chairman of Williamson Tea, to acquire his 70 per cent stake in the firm.

The shares have been acquired at Rs 170 apiece, which includes a non-compete fee of Rs 30. The Khaitans paid the non-compete fee to ensure that Magor will compete with them in the tea business in India.

The offer price has been calculated based on the average price of last 26 weeks or the daily price of last two weeks, whichever is higher.

ICICI Securities announced the offer price today. It has structured the deal on behalf of McLeod Russel India Ltd, Williamson Magor & Co Ltd, United Machine Co Ltd, Ichamati Investments Ltd and Nitya Holdings & Properties Pvt Ltd (collectively referred to as ‘acquirers’) under the Sebi takeover regulations.

Williamson Assam Tea has informed the Bombay Stock Exchange about the open offer by acquirers to buy up to 2,835,000 fully paid-up shares with a face value of Rs 10.

Mcleod Russel India Ltd had on June 6 announced the acquisition of a 100 per cent stake in Borelli Tea Holdings of the UK, which holds 70 per cent stake in Williamson Tea Assam.