Grasim Industries open offer price for Larsen
& Toubro in its revised draft offer document submitted
to the Securities and Exchange Board of India (SEBI),
remains unaltered from its earlier open offer at Rs 190
at Grasim say the revised document, which was submitted
last week to SEBI, contains the revisions that SEBI
requested, but the offer price remains at Rs 190.
open offer was stalled by SEBI, pending investigations
into its acquisition of 10.05-per cent stake in L&T
in late 2001. Among other matters, SEBI had said it would
have to examine whether Grasim acquired management control
in L&T in acquiring the stake.
chairman G N Bajpai had, a few weeks ago, said the investigations
into Grasims acquisition into L&T are complete
and that Grasim has no management control.
see no reason to change our offer price, says a
Grasim official. The revisions in the draft pertained
to certain changes requested by SEBI, already made public
in notice to L&T shareholders, issued by Grasim several