Grasim’s revised open offer for L&T unaltered at Rs 190

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 per share.

Sources 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.”

Grasim’s 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.

SEBI chairman G N Bajpai had, a few weeks ago, said the investigations into Grasim’s acquisition into L&T are complete and that Grasim has no management control.

“We 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 weeks ago.”