Partner Channels: Auctions | Auto | Bill Pay | IT Education | Jobs | Lifestyle | Technology | Travel
April 18, 2001
|
|
|
|
|
|
||
|
Channels: Astrology | Broadband | Contests | E-cards | Money | Movies | Romance | Search | Weather | Wedding | Women Partner Channels: Auctions | Auto | Bill Pay | IT Education | Jobs | Lifestyle | Technology | Travel |
||
|
|
||
|
Home >
Money > Business Headlines > Report April 18, 2001 |
Feedback
|
|
|
BP Amoco seeks time to counter Sebi moveAshwin J Punnen BP Amoco Plc and Castrol Ltd has sought seven days time to submit a written submission to the Securities Appellate Tribunal in the case challenging the Sebi judgement on open offer price. This follows the market regulator filing a written submission to the Appellate Tribunal regarding the case. The companies had earlier contesting the Sebi ruling requiring them to hike offer price for the 20 per cent stake in Castrol India to Rs 350 from the original Rs 311.91. Sebi's order said that average price for offer should be calculated as on March 14, 2000 when the global takeover of Burmah Castrol by BP Amoco was announced and not from July 7, 2000 when the takeover actually took place. On December 11, 2000 Castrol UK and Burmah Petroleum announced their intention to make an open offer to the shareholders of its capital at Rs 311.91, which was the price prevailing on July 7, 2000 the month that the takeover was effected. Sebi insisted that price should be the average price six-month prior to the global takeover and this could push up the average price to Rs 350 as Castrol India's price declined after the announcement of merger. BP Amoco and Castrol Ltd said that they had sought legal advice regarding the position of law with respect to the timing of the public announcement and the pricing of the offer before making the public announcement. Powered by YOU MAY ALSO WANT TO READ:
|
||||
