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Open offers from companies fell 66% in first half

According to SEBI data, during April-September 2014, offers worth Rs38,729 crore were made to public shareholders by 29 companies

 

During the six months to September 2014, open offers by listed companies to buy shares from investors tumbled 66.43% to Rs13,000 crore.

 

According data from market regulator Securities and Exchange Board of India (SEBI), during April to September 2014, offers worth Rs38,729 crore were made to public shareholders. Besides, the number of open offers issued by the firms declined to 29 from 46 for the period under review.

 

As per the SEBI regulations, pursuant to substantial acquisition of shares or change in control in a listed firm, an acquirer has to make an open offer to their respective public shareholders, so as to give them a fair opportunity to exit the company if they so wish to.

 

The open offers are made with the objective of change in control of management, consolidation of holdings and substantial acquisition in a company.

 

For the April-September period this fiscal, the highest number of open offers was made towards change in control of management followed by that for substantial acquisition.

 

As many as 21 offers worth Rs1,218 crore were made for change in control of management. Seven open offers to the tune of Rs333 crore were for substantial acquisition. One offer worth Rs11,449 crore was made with regard to consolidation of holdings.

 

In September this year, only two open offers valued at Rs14 crore were made to the investors -- the second lowest this fiscal -- after the four offers worth Rs4 crore in August.

 

SEBI data is available only till the month of September.

 

"The two public offers (in September) were made with the objective of change in control of management," the market regulator said.

 

In terms of value, offers worth Rs12,549 crore were made in June -- the highest amount recorded so far this financial year. Open offers were valued at Rs48 crore in April, Rs254 crore in May and Rs131 crore in July this fiscal.

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ML sectoral trends

Shares of glass companies advanced 12%, while shares of real estate companies rose 8%. Shares of consumer durables companies and industrial intermediates companies rose 7% each. Stocks of retail companies declined 6%, while shares of printing & publishing companies and telecom services companies fell 3% each.

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