Last week, Saminathan had already acquired 4.85 per cent stake from Nirmal Kotecha, an independent Director in the promoter's group increasing his stake to 22 per cent in the company out of a total of 54.19 per cent stake of the promoters. "... I am evaluating the option of acquiring more and if it happens, then it will be through an open offer," Saminathan told PTI.
He, however, said plans to consolidate a further 20 per cent stake in the company would completely depend on the market conditions and on what rate the open offer would be.
On his recent acquisition of 4.85 per cent stake from one of the promoters, Saminathan said: "It was a real opportunity for such a consolidation as the market was very down. I acquired 13.7 lakh shares for Rs 250 per share, that is at a total investment of Rs 34.25 crore."
The company is also planning to come out with an initial public offer to raise up to Rs 225 crore from the capital market for its film production arm, Pyramid Saimira Production International, by the end of next month.
"The prospectus is ready and we will file it with the Sebi by the end of July. We are just waiting for the market to recover," the Saminathan said. The company plans to dilute 12-15 per cent of promoters holding through the IPO, he added.
