New Delhi: Open offers worth more than Rs 2,800 crore were made during the April-November period of the current fiscal year.For latest news on Business & Budget 2017, like us on Facebook and follow us on Twitter.
According to Sebi's latest monthly report, shareholders received a total of 45 open offers worth Rs 2,842 crore during the eight-month 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 made was in June, when the market saw 10 offers worth Rs 253 crore, while October witnessed five offers worth Rs 1,677 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.
September saw five offers worth Rs 2 crore and in November seven offers worth Rs 157 crore were received by shareholders. In April, two offers worth Rs 489 crore were made to shareholders.
For the entire last fiscal year, a total of 60 open offers for shares worth Rs 17,241 crore were made by the companies.
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.