NEW DELHI, Oct 11: Open offers worth more than Rs 1,000 crore were made during the first five months of the current fiscal.
According to Sebi’s latest monthly report, shareholders received total 28 open offers worth Rs 1,007 crore during the April-August period.
Open offers are made by company promoters and other entities for either consolidation of their holdings as part of substantial acquisition or change in control of management in publicly listed companies.
The highest number of open offers were made in June, where the market saw ten offers worth Rs 253 crore, while April witnessed two offers worth Rs 489 crore, the highest in terms of value.
In August, nine offers worth Rs 244 crore were made, five offers worth Rs 18 crore were witnessed in May and in July two open offers were received by the shareholders which had a value of Rs 3 crore.
For the entire last fiscal, a total of 60 open offers for shares worth Rs 17,241 crore were made by the companies.
The Securities and Exchange Board of India (Sebi) rules require a mandatory open offer for minority shareholders in the event of any major change in the promoter holding of a listed company, including in the wake of any direct or indirect acquisition of 25 per cent.
Such open offers are required for acquisition of up to 26 per cent stake from public shareholders. (PTI)
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