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Grasim to acquire 20% equity shares in L&T
By siliconindia
|
Tuesday, 15 October 2002, 19:30 IST
MUMBAI: The Board of Grasim Industries Limited (Grasim), the flagship company of the Aditya Birla Group announced Monday the approval of open offer to purchase upto 20 percent of the issued & subscribed Equity Shares of Larsen & Toubro Limited (L&T) in accordance with the provisions and guidelines issued by Securities & Exchange Board of India (Substantial Acquisition of Shares & Takeovers) Regulations, 1997.
The acquisition is planned through Grasim and its wholly owned subsidiary, Samruddhi Swastik Trading And Investments Limited, acting in concert.
The offer price of 
190/- (Rupees One Hundred Ninety Only) per share is higher compared to the average price of 174.93 per share over the last 26 weeks and 170.08 per share over the last 2 weeks on the National Stock Exchange, which has the highest trading volumes for L&T.
This initiative reflects Grasim's commitment to its strategic investment in L&T to enhance long-term shareholder value in both the Companies.
JM Morgan Stanley acted as Transaction Advisor and Mulla & Mulla & Craigie Blunt & Caroe acted as Legal Advisors.
190/- (Rupees One Hundred Ninety Only) per share is higher compared to the average price of 174.93 per share over the last 26 weeks and 170.08 per share over the last 2 weeks on the National Stock Exchange, which has the highest trading volumes for L&T.
This initiative reflects Grasim's commitment to its strategic investment in L&T to enhance long-term shareholder value in both the Companies.
JM Morgan Stanley acted as Transaction Advisor and Mulla & Mulla & Craigie Blunt & Caroe acted as Legal Advisors.