The Hindu Business Line : IndianOil Tanking open offer for S&L

INDIANOIL Tanking Ltd on Tuesday made an open offer to buy out 20 per cent share capital of Stewarts & Lloyds of India Ltd at Rs 33 per share. The company had yesterday announced that it has bought 54.90 per cent stake in S&L, held by the Tata Group.

IndianOil Tanking has made an offer to S&L shareholders to buy out 6 lakh shares worth Rs 10 each, as per the Securities and Exchange Board of India regulations. The offer will open on August 25, and close on September 23.

Tata Steel and its subsidiaries, Kalimati Investment Company and Tata Refractories, on Monday sold their 54.90 per cent stake in S&L at Rs 25 per share to IndianOil Tanking.

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