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Our Bureau

Mumbai , Dec. 13

Heidelberg Cement on Wednesday got a temporary reprieve with the Securities Appellate Tribunal (SAT) allowing the German company to go ahead with its open offer to shareholders of Mysore Cements, pending a final order.

SAT has, however, said that if its order was not in favour of Heidelberg, the cement company will have to pay the difference amount of Rs 14.50 per share.

Heidelberg had earlier this month approached SAT against a SEBI directive for raising its open offer price to shareholders of Mysore Cements by 25 per cent.

The SEBI directive meant Heidelberg would have had to pay the shareholders Rs 72.50 per share against its open offer of Rs 58 per share, a difference of Rs 14.50 per share.

The open offer was triggered after Heidelberg acquired a majority stake in Mysore Cements from the promoters, the S.K. Birla Group. Priced at Rs 58 a share, the public offer was to open on September 6 and close on September 25.

More Stories on : Open Offers | Stocks | Regulatory Bodies & Rulings | Cement

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