With the Securities and Exchange Board of India giving its go-ahead, Grasim's open offer for acquiring 20 per cent more of Larsen and Toubro is scheduled to open at the original price of Rs 190 per share on May 7.

Originally scheduled to open on December 9 last year, the offer had been delayed for about five months, after Sebi initiated a probe into the deal, since the offer price of Rs 190 was way below the acquisition price of Rs 360.60 per share that Grasim paid to Reliance Industries in November for about 10 per cent stake in the engineering major L&T.

It was this acquisition of 2.5 crore (25 million) L&T shares from RIL, which triggered the takeover code and Grasim had to announce an open offer. While Sebi gave a clean chit to Grasim on acquisition of further stake in L&T, it asked the acquirer to increase the offer size to 5.078 crore shares, which Grasim complied with.

The offer is slated to close on June 5.

However, an appeal against the Sebi order is pending with the Securities Appellate Tribunal and the next hearing of this case is fixed for June six this year.