Tobacco.org

Hostile bid for Golden Tobacco 

A little-known investor from Delhi has teamed up with a small financier from Howrah to launch an audacious takeover bid for Sanjay Dalmia-owned Golden Tobacco Ltd (GTL), which produces Panama and Chancellor cigarettes.

At the centre of the hostile takeover bid is Pramod Jain -- a 43-year-old financial services consultant based in Delhi's Green Park Extension -- who has cornered a 6.47 per cent stake in GTL along with a Calcutta-based ally.

Jain, who resigned as director of Dalmia-owned Gujarat Heavy Chemicals Ltd (GHCL) on April 30, has joined hands with Howrah-based JP Financial Services Ltd to float an open offer to acquire another 25 per cent -- or a maximum of 44,02,201 shares -- from public shareholders at Rs 101 a share.

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