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Grasim asked to bid for stake in L&T

Mumbai March 13. The SEBI Chairman, G.N. Bajpai, today said the A.V. Birla Group did not have management control in cement major Larsen & Toubro (L&T) and asked Grasim to make an open offer to acquire 20 per cent stake in L&T with additional disclosures.

He told reporters on the sidelines of the S.D. Gupte Memorial Lecture at the Indian Merchants Chambers here this evening, that the SEBI investigations had found that the A.V. Birla Group had no management control in the cement conglomerate L&T.

UNI

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