Open offers dip 32% to Rs 11,130 cr

Total value of open offers plunged about 32 per cent during the first 10 months of the current fiscal to Rs 11,130 crore.
During the April-January period of the previous fiscal open offers worth Rs 16,331 crore were made, Sebi data showed.
Total 61 open offers were made during the period under review as against 44 in the year-ago time-frame.
In January this year, 9 open offers worth Rs 3,539 crore were made by the firms. The offers were made by Suzlon Energy, Hitachi Home and Life Solutions and Mcnally Bharat Engineering Company, among others.
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.

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.