Q3 Open offers double to Rs 6,583 crore
Total value of open offers made during the third quarter of the current fiscal nearly doubled to Rs 6,583 crore. A total of 15 open offers worth Rs 3,331 crore were made in the same period last fiscal. According to market regulator Sebi’s latest monthly bulletin, a total of 19 open offers were made during October-December of 2015. 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.
During April-December this fiscal, 52 open offers in all worth Rs 7,591 crore were made to shareholders. June clocked the highest lot of open offers, with as many as 10 worth Rs 253 crore, while December saw seven offers worth Rs 4,749 crore, the highest in terms of value. For the whole of last fiscal, a total of 60 open offers for shares worth Rs 17,241 crore were made by 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.