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Bid by BSL
BSL acquired 14.86% equity through sale of pledged shares
On June 3,2009 BSL made a Voluntary Open Offer for 20% at a price
of Rs.344 per share
Later they increased their holding to 23.23% and increased the offer
price from Rs.344 to Rs.405,then to Rs.560 and finally to Rs.590 per
share
Shares acquired through Open Offer 21.02%, share holding as on
date is 49.72%.
Initially Open offer were made under Regulation 10, Later on BSL
modified it to include Regulation 12 as well. However the same was
rejected by the SEBI and directed it to continue with Regulation 10
Bid by ABG
Eleventh Land Developers Private Limited (ELD) along with ABG
Shipyard Limited gave a Counter Offer for 32.12% at Rs.375 per share
on June 23, 2009
They slowly increased their stake to 8.2% and increased the Offer Price
from Rs.375 to Rs.450 and then to Rs.520 per share
As soon as Bharti Shipyard hiked its Offer price to Rs.590, they decided
to quit and sold its 8.2% stake in market. Nevertheless, the open offer
of ABG continued at a price of Rs.520 a share and even received 15.2%
shares in the Offer
ABG made around Rs.50 Cr. By selling shares in market at higher price
Shareholding as on date - NIL.
End Result
Parties Involved
Target Company Orissa Sponge Iron and Steel Limited
Acquirer- Bhushan Power and Steel Limited along with
Titanic Steel Industries Limited and Olympian Finvest Limited
Competitive Bidder 1 Monnet Ispat & Energy Limited along with Torsteel
Research Foundation in India and TRFI Investment Private Ltd.
Competitive Bidder 2 Bhushan Energy Limited along with Mr. Neeraj Singal
Bid by Bhushan
(Acquirer)
Power
and
Steel
Limited
END RESULT
Though the open offer has been completed.
However the battle between Monnet Group and
Bhushan Energy Group is still going on and
involved various issues.