Kishore R Chhabria and associates on Saturday revised the terms for their open offer for Herbertsons Ltd saying they will pay the 15 per cent interest on offer price (Rs 90.50 per share) even on shares which were acquired after January 1995.

Chhabria and associates, holding about 49 per cent stake, also revised the schedule for offer. Now the offer would open on October 3 and close on December 3 instead of original date of November 1, 2003.

The total amount payable including interest would be Rs 210.74 per share for upto 19.04 lakh shares (upto 20 per cent of capital).

The acquirers would pay 15 per cent interest per year on offer price to shares accepted in the offer from February 25, 1995 till the date of actual payment irrespective of the period of holding by acquisition subsequent to January 25, 1995.

The Securities Appellate Tribunal on August 1, 2003 had asked Chhabria to pay 15 per cent interest only to persons who were shareholders of Herbertsons as on January 25, 1995 and continued to remain so to participate in the offer.