The Securities and Exchange Board of India (Sebi) has asked Bright Star Investments to confirm with the stock exchanges the trading details of the VST Industries stock of February 15, in connection with the open offer it has made for 20 per cent of the company.
ASK Raymond James, the merchant banker handling Bright Star's open offer has accordingly asked all the stocks exchanges on which the VST Industries stock is listed, to furnish trading details like price (high, low, opening and closing) and volume of February 15.
The Damani-controlled investment firm Bright Star announced its open offer for 20 per cent of VST Industries on February 13 at Rs 112 a share. Later, they revised the offer price to Rs 118, while ITC subsidiary Russell Credit, priced its counter offer at Rs 115.
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Alongside the open offers, both Russell Credit and Bright Star are buying the VST Industries stock from the open market. Bright Star announced its open offer when it had amassed 14.97 per cent stake. Since then, it has wrenched up its holding to 15.5 per cent, ASK Raymond James CEO John Band said.
UK based BAT Plc holds 32.16 per cent, while 18.38 per cent was held by UTI, LIC, GIC and its four subsidiaries on March 31, 2001. Public holding in VST Industries as of March 31, 2001 was 29.55 per cent.