Global steel giant ArcelorMittal's open offer for a 29.4 per cent stake in domestic company Uttam Galva will begin on December 19, according to a Bombay Stock Exchange (BSE) filing by the secondary steel maker.
In a filing to the BSE Uttam Galva said the open offer by SBI Capital Markets, on behalf of ArcelorMittal Netherlands BV, will now begin on December 19, 2009, against the earlier schedule of October 31, 2009.
The offer would close on January 7, 2010.
In October, ArcelorMittal bought 5.6 per cent stake in Uttam Galva and had planned to launch the open offer to buy the additional 29.4 per cent stake in the Indian firm at Rs 120 a share, which was due to close on November 19, 2009.
The steel maker was awaiting Sebi approval for acquiring the additional shares in Uttam Galva.
Shares of Uttam Galva closed at Rs 117.15, up 0.26 per cent over previous close on the BSE.
