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Elephant Capital PLC Announces Partial Disposal Of Investment

Wednesday, 30 Oct 2013 08:12am EDT 

Elephant Capital PLC announced that, pursuant to an offer by Participaciones Internacionales Autometal Dos, S.L. (the Acquirer) and persons acting in concert with the Acquirer to acquire 26% of the diluted equity capital of Mahindra Forgings Limited (Mahindra Forgings) (the Offer), its subsidiaries (together with Elephant Capital, the Group) have sold, in aggregate, 1.74 million shares in Mahindra Forgings to the Acquirer for a cash consideration of INR141.30 million (equivalent to approximately GBP1.42 million). The Offer price was INR81 per Mahindra Forgings share, which represented a premium of 21.2% to the closing mid-market price per Mahindra Forgings share of INR66.85 on June 15, 2013 (the day preceding the date of the first announcement regarding the proposed Offer). The proceeds from the partial disposal will be held in GBP and, subject to the Group's working capital requirements, the proceeds will be returned to shareholders in due course. 

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