The Securities and Exchange Board of India (Sebi) is still sitting on around 11 cases of violations of the takeover code where the acquirers, mostly multinational corporations, have not made the mandatory open offer due to their acquisition of a controlling stake in their Indian subsidiaries.
The aggregate value of these open offers is estimated at around Rs 1,500 crore. And if the interest on that amount is factored in, it could be more than Rs 2,000 crore.
Among the firms that are expected to make open offers are Colour-Chem, Seamec, FAG Precision Bearings, Hathway Bhawani Cabletel, and Datacom.
