Email
Print
ShareMumbai: Jindal Steel and Power Ltd (JSPL) must have rejoiced after Essar Steel withdrew its bid for the Australian coking coal miner Rocklands Richfield on October 20. However, its joy is likely to be short lived as a third company has shown interest in Rocklands.
Rocklands has requested the Australian Stock Exchange to halt trading in securities related to the company. It said, "The trading halt is required as an announcement is expected to be made by Rocklands prior to the commencement of trading on November 5, in relation to the receipt of a further offer to take over the company."
The company is expected to make public the new offer before November 5.
Jindal, on its part, is not letting any stone unturned to tighten its grip on the miner. The company, in an announcement to the Australian Stock Exchange on October 28, said it has increased its stake in Rocklands by another 1.41%. Jindal now holds a 14.16% stake in the company.
Earlier, Jindal requested Rocklands to grant it another month to complete due diligence -- from the earlier October 31 date to November 30.
