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Federal-Mogul shares rise after SAT order to determine open offer price

Tribunal has asked Sebi to decide open offer price afresh

Federal-Mogul Goetze
Federal-Mogul Goetze India (FMGI), a multinational automotive component maker

Shares of Federal-Mogul Goetze India (FMGI), a multinational auto component maker, rose after the Securities Appellate Tribunal (SAT) asked the Securities and Exchange Board of India (Sebi) to determine a fresh open offer price. FMGI promoters have to now make a mandatory open offer to acquire 26 per cent stake from minority shareholders, following the change in ownership in the promoter group at a global level.  The bone of contention, however, is the open offer price. Based on independent valuation reports, the promoters of FMGI have arrived at a of Rs 400 per share. ...