With reference to the earlier Announcement regarding Open offer for acquisition of up to 14,19,405 (Fourteen lakh nineteen thousand four hundred five ) fully paid-up equity shares of face value of Rs. 10 (Indian Rupees ten) each (each an "Equity Share"), from the public shareholders of Wheels India Ltd ("Target Company") by Titan Europe Plc ("Acquirer") and Titan International, Inc. as the Person Acting in Concert ("PAC"), under the provision of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 ("Takeover Regulations"), as amended.ICICI Securities Ltd ("Manager to the Offer") has informed BSE to refer the final letter of offer ("LOF") in relation to the Offer. As per the Schedule of Activities in the LOF, the last date of communication of rejection / acceptance and payment of consideration to the shareholders of the Target Company was March 12, 2013.As disclosed in our communication to you on March 12, 2013, there will be a delay in making payment of consideration to the shareholders whose shares have been validly tendered under the Offer, on account of the pending regulatory / statutory approval.Equity shares tendered in the open offer which are liable to be rejected, i.e. those which have not been validly tendered as per the conditions/ specifications mentioned in the Letter of Offer and the Form of Acceptance-cum-Acknowledgement, are being released / dispatched (where shares are in physical form) to the relevant beneficiaries by April 03, 2013, in consultation with SEBI.Further, noted that the return of the unaccepted / rejected shares shall not be deemed as acceptance of the shares retained by the Acquirer / PAC. The acceptance of the shares retained is contingent on the regulatory / statutory approval being received.Further, as required under Regulation 18(11) of the Regulations, and as advised by SEBI in this regard, the Acquirer / PAC agree to pay interest @ 10% p.a. to the shareholders of the Target Company, whose shares have been validly tendered under the Offer, for delay in payment of consideration beyond March 12, 2013.Source : BSE
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