JSW Steel has raised offer price to acquire up to 20% stake in Ispat industries to Rs 22.25 a share from an earlier offer of Rs 20.54 a share, the manager to the offer said on Thursday.
JSW Steel will now pay up to Rs 1,440 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 Dec 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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