Sebi to take a view on Grasim in L&T offer soon

Grasim was asked not to go ahead with its open offer to mop up additional shares of L&T at a price of Rs 190 a share and was also asked not to go for creeping acquisition route to acquire additional shares of L&T.

The company moved SAT asking for an interim relief, the tribunal last week upheld Sebi advice to Grasim Industries Ltd to stop the open offer for acquiring additional 20 per cent The regulator asked the av Birla group company not to proceed with its open offer for L&T before it completed the investigation of a possible breach in sebi takeover code. The market watchdog had also warned that it may debar Grasim from accessing capital markets if found guilty.

Grasim had bought 10.05 per cent shares from Reliance industries Ltd in November 2001 at Rs 306 per share and subsequently raised its stake to a little over 14 per cent in tranches.

Later, Grasim made an open offer for Rs 190 per share and continued its purchases, through its subsidiary Samruddhi Investments Ltd to take its holding beyond 15 per cent.

Bajpai also said that the Sebi would implement demutualisation of bourses and set up a central listing authority this fiscal following the acceptance of the Kania Committee recommendations.

“We have accepted the Kania Committee report on demutualisation of bourses. We will review them and approve them within this fiscal”, Sebi chief said.

The market watchdog also said the proposed central listing authority would also be set up this fiscal. The authority would have representation from the regional bourses, he added.