The open offer by US-based private equity giant Blackstone for 20% stake in Bangalore-based apparel exporter Gokaldas Exports is yet to to get the required clearences from Securities and Exchnage Board of India (Sebi). According to the earlier proposal by Blackstone, the offer was scheduled to open on October 5 and close on October 24.According to Gokaldas Exports, the offer did not open as Blackstone has still not received any reply from Sebi.The open offer would have allowed Blackstone to increase its stake in Gokaldas to 70% after it bought 50% from the promoters in August for $116 million.Blackstone had hoped to acquire 6.8 million shares at Rs 275 per share amouting to $49 million through the open offer. This is not the first time Blackstone, which has $85 billion assets under management, has hit a hurdle in India. The company's proposed investment of Rs 1,130 crore in Ushodaya Enterprises, which runs the Telugu newspaper Eenadu, was held up for a few months.
