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Ispat Industries shares up 4% on open offer

Ispat Industries shares up 4% on open offer
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First Published: Wed, Dec 22 2010. 09 17 AM IST
Updated: Wed, Dec 22 2010. 09 17 AM IST
Mumbai: Shares of Ispat Industries rose more than 4% on Wednesday after JSW Steel made an open offer to acquire up to 20% stake in the firm at Rs20.54 a share.
The open offer price was less than Ispat Industries’ Tuesday closing of Rs21.2.
JSW Steel had said on Tuesday, it planned to buy 41.3% stake in Ispat for $476 million to expand capacity in the country.
At 9:18 am, shares of Ispat were trading at Rs22.15, up 4.48%, while JSW Steel was at Rs1,216, up 0.33% in a firm Mumbai market.
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First Published: Wed, Dec 22 2010. 09 17 AM IST