Comments
The open offer for Ispat Industries shareholders by JSW Steel has been cleared by market regulator SEBI. Following this, the company on Monday said, its open offer for the 20 per cent additional stake would begin on March 17.
The offer, which is at a price of Rs 20.54 a share, will close on April 5, the company informed the stock exchange.
In December 2010, JSW Steel had picked up a majority stake of 41 per cent in Ispat Industries, jointly owned by Mr Vinod Mittal and Mr Pramod Mittal. As part of the deal, Ispat was to issue 108.66 crore shares, on a preferential basis at a price of Rs 19.85 a share for Rs 2,157 crore.
The open offer, there upon triggered (as per the takeover code by SEBI) was to begin on February 12. However, the approval by SEBI got delayed as the regulator needed more clarifications on the offer.
The open offer on behalf of JSW Steel will be managed by Enam Securities.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.