Calcutta, Oct. 27: The Securities Appellate Tribunal (SAT) today ordered a dramatic revision in the cash offer made to the shareholders of South East Asia Marine Engineering and Construction (Seamec) in December last year. Technip SA of France had made an open offer to acquire 20 per cent in Seamec ó formerly Peerless Shipping. It offered Rs 51.47 per share, but SAT has now ordered a revision in pricing, which could result in Technip having to pay Rs 237 per share plus interest at 15 per cent.
In April 2000, Technip had acquired 29.7 per cent in Coflexip Stena, which held 58.23 per cent in Seamec. Technip made an open offer to the shareholders of Coflexip-Stena in July 2001 and cornered 98.36 per cent of the companyís shares.
The acquisition of substantial holding in Coflexip-Stena required Technip to make an open offer to the shareholders of Seamec as well.
There was a dispute on the reference date for the acquisition of Coflexip Stena. The Securities and Exchange Board of India (Sebi) ordered the reference date should be July 3, 2001 based on which the offer price of Rs 51.47 (including interest) was derived.
Aggrieved by the ruling, a group of minority shareholders moved the SAT claiming that the reference date for Technipís acquisition of Coflexip-Stena should be April 12, 2000. SAT today reversed Sebiís order and set April 12, 2000 as the reference date for the acquisition. Unless contested, Technip will now have to pay the difference between its offer and the revised price plus interest within a month.