Mumbai, March 27 (PTI): Grasim Industries has submitted a draft document to Sebi for an open offer to acquire an additional 20 per cent stake in Larsen & Toubro (L&T).
“We have submitted the offer document recently and once Sebi gives its observations and approval, the company can proceed with the open offer,” company sources said.
However, they refused to give details of any change in the offer price or the schedule.
This follows Sebi’s clean chit to Grasim on the issue of management control in L&T.
Early this month, Sebi chairman G. N. Bajpai had said that there was no management control of Grasim in L&T and it should file a revised offer with the regulator with additional disclosures.
In November last, Sebi had advised Grasim, which holds just over 15 per cent stake in L&T, to keep its open offer for an additional 20 per cent stake at Rs 190 per share ‘on hold’ pending probe on the issue of control.