Life Insurance Corporation of India on Wednesday bid the highest at Rs 253 a share for the Andhra Pradesh government's 0.51 per cent stake in Tata Motors.
The other bidder, UTI Mutual Funds, came up with an offer of Rs 252 a share. Both LIC and UTI submitted revised bids after their original bids, which opened on last Friday, were tied at Rs 245 a share.
With the revised LIC offer at Rs 253 a share, aggregating Rs 41.07 crore (Rs 410.7 million), the state government will get an additional Rs 1.29 crore (Rs 12.9 million) for divesting its stake the Tata company.
The LIC and UTI had both offered Rs 245 a share in their original bids for purchase of the stake, which aggregated Rs 39.78 crore (Rs 397.8 million).
To wriggle out of this peculiar situation the state public enterprises department had asked the three original bidders, including GIC, which had earlier offered Rs 228 a share, to make a binding revised offer, which should be higher than the Rs 245 per share.
The public enterprise department will take the highest offer to the Cabinet sub-committee, which is to meet on Thursday to finalise the preferred bidders in the case of divestment in four companies -- ACC, Tata Motors, Sirpur Paper Mills and VST.
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