Sebi likely to change divestment norms
New Delhi: Public offer norms applicable to the disinvestment process are likely to be amended by the Securities and Exchange Board of India.
In case a public sector undertaking makes a successful bid on another government-owned company, the former will not have to make a public offer for an additional 20 per cent stake. At the same time, the cut-off date for calculating the offer price in case a private sector company makes a successful bid on a PSU will be changed to allay fears of price rigging.
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SEBI seeks details on Grasim, L&T deal
Mumbai: Sebi has sought information from cement makers Grasim Industries and Larsen & Toubro about Grasims mid-November acquisition of a stake in L&T.

Sebi has asked both companies to explain the price Grasim paid for the 10 per cent stake it bought in Larsen and Toubro. Meanwhile, financial institutions have decided to ask for more say in L&T management due to fall in return on their investments. Institutions will shortly call a meeting of the L&T management and AV Birla Group chairman Kumarmangalam Birla and his team to discuss the future business plans for 2002.
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