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BP revises offer for Castrol: Sebi

British oil giant BP Plc has filed fresh documents raising its offer price to Rs 350.02 per share for an additional 20 per cent stake in Castrol India, an official with the market regulator said on Friday.

The price offers a 38 per cent premium to Castrol's share.

"A fresh draft letter of offer has been filed on Thursday," the Securities and Exchange Board of India official told Reuters.

As per the revised document, the open offer will be open between September 7 and October 7.

BP officials were not available for comment.

Earlier this month, a Bombay court upheld Sebi's ruling on the date for calculating the open offer price BP must pay to raise its holding in Castrol India.

BP which owns 51 per cent of Castrol India made an open offer last December at Rs 311.91, which was based on the average price over the preceding six months.

Sebi objected to the formula saying that the six months for the purpose of this calculation should be mid-March last year.

BP acquired its stake in Castrol India as a result of its acquisition of Burmah Castrol Plc, which was announced on March 14, 2000 and completed on July 7.

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