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JSW Steel raises offer price for Ispat

JSW Steel raises offer price for Ispat
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First Published: Thu, Mar 24 2011. 11 50 AM IST
Updated: Thu, Mar 24 2011. 11 50 AM IST
Mumbai: JSW Steel has raised offer price to acquire up to 20% stake in Ispat industries to Rs22.25 a share from an earlier offer of Rs20.54 a share, the manager to the offer said on Thursday.
JSW Steel will now pay up to Rs1,440 crore to buy up to 20% shares in the Ispat industries, Enam Securities said in an exchange filing.
India’s third-largest steelmaker JSW Steel Ltd had said in December that it would buy a controlling stake in smaller loss-making rival Ispat Industries for $476 million.
JSW Steel is obliged to make an open offer under regulations for 20% of shares after the company acquired 41.3% in December.
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First Published: Thu, Mar 24 2011. 11 50 AM IST