Lamp;T likely to make another offer for NCCL

MUMBAI, APR 24: Larsen amp; Toubro, which now holds a 74.5 per cent stake in the Narmada Cement Company Ltd NCCL, is likely to make a voluntary open offer to the remaining shareholders of NCCL.

During an earlier public offer, which closed on April 3, 1999, approximately 65.5 lakh shares 12.9 per cent of NCCL8217;s share capital were tendered at Rs 34 per share, an Lamp;T release said here today adding the proposed offer would also be at the same price. Lamp;T had signed an agreement on January 4 with the Chowgule group for acquisition of approximately 62 of voting share capital of NCCL, pursuant to which the public offer was made. Meanwhile, at a board meeting of NCCL, Lamp;T8217;s nominees were appointed on the former8217;s board and the nominees of the original promoter group, the Chowgules, resigned signifying the takeover of NCCL by Lamp;T.