ABB Power is in the red. The stock, which had closed on Friday at Rs.956.55, opened higher at Rs.1035 but from there, it slipped into the red, going down almost 4% to Rs.920.20.

Following complaints to SEBI regarding the offer price, saying that it was not fair to the minority shareholders, the company revised the price on Friday evening.

ICICI Securities, merchant banker the open offer stated, “The Acquirers and the PAC (person acting in concert) have decided to revise the offer price upwards from Rs.865.92 per Offer Share to Rs.872.68 per offer share, consisting of Rs.851 per offer share plus interest of Rs.21.68 per offer share, computed at the rate of 10% per annum, for the period between 30 March 2020 (being the date of making the public announcement) and 1 July 2020 (being the date of completion of closing).”

ABB Power debuted on the stock exchanges in March; it was created after it the power unit was demerged from ABB India when the parent sold its power grid business to Japan’s Hitachi.

The mandatory open offer was announced in June jointly by parent ABB Group and Hitachi for acquiring 25% of the public shareholding of ABB Power at Rs.865.92/share.