The revised open offer will now open on 25 April 2007, and close on 14 May 2007. The open offer price is fixed at Rs 185.25 per share (Including interest of Rs 80.95 per share only for shareholders who were holding shares on 27 August 1999 and still continue to hold them).
Luxottica gained control over 44% stake in Rayban through a 1999 takeover of Bausch & Lomb, US. However, the group did not follow up the takeover with an open offer. The Italy-based eyewear giant, Luxottica, is a global leader in premium eyeglass frames and owns several well-known brands such as Giorgio Armani, Ferragamo and Vogue.
In late-February, Rayban informed BSE that its board of directors had received a proposal from Luxottica Group, Italy, (Luxottica) indicating their intention to set up wholly-owned subsidiaries in India for wholesale distribution of various luxury & fashion brands in the eyewear industry, including the distribution of spectacle frames and sunglasses. Luxottica Group S.p.A, seeks a no-objection certificate from the company for this purpose.
For Q4 December 2006, Rayban Sun Optics India registered an 8.30% fall in net profit to Rs 3.33 crore compared to Rs 3.63 crore in Q4 December 2005. Net sales for the quarter ended December 2006 rose 18.30% to Rs 17.21 crore (Rs 14.55 crore).
However, for FY ended December 2006, Rayban’s net profit rose 17.60% to Rs 11.94 crore compared to Rs 10.15 crore during FY ended December 2005. Net sales for FY-2006 rose 29.30% to Rs 62.98 crore (Rs 48.71 crore).
Ray-Ban commands nearly 50% of the Rs 150 crore eyecare market in India.