Financial Daily from THE HINDU group of publications
Saturday, Apr 19, 2003
Financial Daily from THE HINDU group of publications Saturday, Apr 19, 2003 |
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Cement Corporate - Open Offers Open offer for 20 pc L&T stake — Grasim expects SEBI approval next week Our Bureau
MUMBAI, April 18 GRASIM'S renewed open offer for 20 per cent stake in Larsen & Toubro (L&T) is likely to be cleared by the Securities and Exchange Board of India (SEBI) next week. "We only need an `acknowledgement card' from the SEBI telling us that we can go ahead with our modified open offer. We expect it in the next couple of days,'' a Grasim official said. The open offer would follow soon afterwards, he added. According to the official, this clearance - which was expected during the current week itself - was delayed on account of the string of public holidays observed by the SEBI during the week. The one crucial element of the offer document - the offer price - remains unchanged from the earlier figure of Rs 190 per share, the official added. Grasim's modified open offer document containing the changes requested by the SEBI was submitted to the regulator a few weeks back. The changes chiefly pertain to the company's agreement with the Reliance group in its initial purchase of 10.05 per cent stake in L&T. The other changes are generally in keeping with the public notice issued by Grasim to the shareholders of L&T detailing the changes requested by the SEBI to its open offer document, which was stalled on November 18 by the regulator pending investigations. The `acknowledgement card' will also formally mark the fact that Grasim has been cleared of any irregularities in its purchase of L&T shares, the official said. SEBI has not yet issued any formal notification with respect to its investigations into the company, although with respect to a parallel case of investigation - into Gujarat Ambuja's purchase of equity in ACC Ltd - the regulator had cleared it saying it had not acquired management control in ACC. However, the SEBI Chairman, Mr G.N. Bajpai, had gone on record to newspersons on the sidelines of a meeting last month that the regulator has not found Grasim to have had any management control in L&T and that its open offer would be allowed.
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