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Sri Vishnu offer to open on September 23

The open offer to the shareholders of Sri Vishnu Cement Limited, which is priced at Rs 100 per share will open on September 23 and will remain open till October 22, according to former chairman of Raasi Cement Limited B V Raju.

Raju and his associates had earlier bought out the entire 26 per cent stake of the financial institutions in Sri Vishnu. The Hyderabad-based industrialist, who had earlier this year lost control of RCL following an open offer made by the promoters of India Cement Ltd now controls nearly 70 per cent of the total stake in Sri Vishnu along with his associates.

Reacting to the Securities and Exchange Board of India's decision to allow him to make an open offer, Raju in a statement said: ''I am confident that the regulatory authorities would be fair and just.''

UNI