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Hyderabad , Sept. 2

FACED with a stalemate with the recently concluded bid process for sale of Andhra Pradesh Government stake in Tata Motors, the Implementation Secretariat is now set to go in for a `revised bid' process.

There was a tie with both the Life Insurance Corporation of India (LIC) and UTI Mutual Funds (UTI) offering Rs 245 per share, aggregating Rs 39.77 crore for 0.51 per cent (16,23,432) shares in Tata Motors while the third bidder - General Insurance Corporation (GIC), quoted Rs 228 per share.

To wriggle out of this peculiar situation, the Implementation Secretariat has invited an irrevocable, binding revised offer from all the three bidders. The bidders have been informed that the completed and signed revised offer should be delivered in a sealed envelope to IS on or before 4 pm on Wednesday. It is also laid down that the offer must be higher than Rs 245 per share and the offers that were submitted by the bidders on or before the closing time on August 29, 2003 continue to be binding. On receipt of a revised offer, IS may substitute the revised offer for the bid already submitted by an investor. The bidders have also been informed that in case no revised offer is received by the closing date the offer already submitted will continue to be binding.

Out of the five companies whose stake sale was offered last month, ACC, Sirpur Paper Mills and VST sailed through with different bids, Tata Motors witnessed an identical offer and there was no response for Hyderabad Industries. The IS has decided to invite a fresh offer for selling the stake of Hyderabad Industries.

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