The Securities and Exchange Board of India (Sebi) has given Bayer CropScience (BCS) the go-ahead for its open offer of Rs 157 per Aventis CropScience India (ASCI) share.
The regulator gave this directive to Ambit Finance Corporation, manager to the Bayer offer. Bayer CropScience plans to pick up an additional 32.92 per cent stake in ASCI through the move.
The offer will now open on November 1, and will close on November 30, after a delay of more than four months. Bayer AG and associates have a 67.08 per cent stake in ASCI, Ambit Corporate Finance informed the Bombay Stock Exchange.
The parent will have to cough up around Rs 72.19 crore for hiking the stake to 100 per cent in ASCI.
However, Indian Syntans, which holds 4.5 per cent in the company, is likely to appeal before an apex court against the market regulator
