Bizbits

However, the SBI later sold dollars, which saw the rupee recover mildly to close at 39.71/72. The rupee has depreciated by 22 paise since April 11 when the rupee closed at 39.50. On Monday, the rupee had opened at 39.51/53 and closed at 39.62. Dealers do not rule out a gradual movement of the rupee towards the 40-mark. Dealers said that the SBI sold dollars on behalf of the RBI which made discreet enquiries about the rupee movement in the market throughout the day.

Raasi open offer to be delayed

MUMBAI 8212; The open offer by India Cements to take over Raasi Cements will now open by April-end instead of opening today. The delay in the open offer is due to the Sebi asking India Cements to furnish all details about the Raju8217;s 32per cent sell out in the offer document.

The open offer was earlier delayed as the Andhra Pradesh High Court had stayed the takeover proceedings on a petition filed by the Rajus. The new offer document, filed today with the SEBI, would incorporate detailed status of the court case and the ICL8217;s strategy to buy shares from various stakeholders of Raasi.