Bhushan Power and Steel revises open offer for Orissa Sponge
26 Jun 2012
Bhushan Power and Steel has raised its acquisition target in Orissa Sponge Iron and Steel through an open offer to 26 per cent from the 20 per cent announced in 2009.
The company has now offered to buy 7.93 million shares in Orissa Sponge against the 5.20 million shares targeted earlier, Orissa Sponge said in a filing with the Bombay Stock Exchange (BSE).
''Bhushan Power & Steel Ltd, along with 'persons acting in concert', including Titanic Steel Industries Ltd and Olympian Finvest Ltd (formerly Olympian Steel Industries Ltd), has revised its open offer to shareholders of Orissa Sponge Iron & Steel Ltd. The intending acquirers have raised the size of the offer. In an announcement, the offer manager, Centrum Capital Ltd, said that the offer size was revised from 5.20 million to 7.93 million shares of Orissa Sponge, the target company,'' a filing with the Bombay Stock Exchange (BSE) said.
"The offer is being made to all the shareholders of the target company, except the acquirer, PACs, other competitive bidders and PACs with them," it said.
The open offer would start on 28 June and close on 17 July.
Bhubaneswar-based Orissa Sponge Iron and Steel Ltd has seen several attempts for acquisition over the last few years.
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