The Bombay High Court has upheld the verdict of the securities appellate tribunal (SAT) and directed BP-Amoco to fix the price for the open offer for Castrol India at Rs 350 per share.
BP-Amoco had in May this year moved the Bombay High Court after the SAT upheld the Securities and Exchange Board to India (Sebi) order directing BP-Amoco to increase its open offer price for a 20 per cent stake in Castrol India from Rs 311.91 to Rs 350.08.
Sebi had rejected BP-Amoco's open offer price of Rs 311.91, maintaining that the correct date for calculating the price should be March 14, 2000, when the takeover of Castrol UK (by BP-Amoco) was announced, and not as of July 7, 2000 when the takeover actually happened.
Following the High Court verdict, Castrol India
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