Bhushan Power & Steel Ltd, along with Titanic Steel Industries Ltd and Olympian Finvest Ltd (formerly Olympian Steel Industries Ltd), termed ‘Person Acting in Concert’, 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 52 lakh to 79.3 lakh shares of Orissa Sponge, the target company.

The earlier offer, in 2009, for 20 per cent of the target company’s paid-up capital has now been raised to 26 per cent.

This is the second revision of the open offer and is in connection with the original public announcement published on February 7, 2009.

On July 26, 2010, Bhushan had made its first revision to the offer. According to the revised schedule, though the specified date remains unchanged (February 27, 2009), the offer reopens on June 28 and closes on July 17.

The open offer would start on June 28 and closes on July 17.

Source - Business Line

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