The Hindu Business Line : No change in MphasiS open offer price

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Bangalore Jan. 30 Electronic Data Systems (EDS) has revised the dates for the open offer to acquire 20 per cent more shares of MphasiS. But the open offer price has been left unchanged at Rs 204.5 a share, which is significantly lower than the current ruling price.

As per the revised schedule, the open offer opened on Monday, January 29 and will close on February 19. The open offer to acquire over 3.3134 crore shares, when successfully completed would increase EDS' stake in MphasiS to over 70 per cent. The last date for revising the offer price/number of shares is February 8.

MphasiS shares closed higher by a per cent at Rs 287.9 on the BSE on Monday. The shares had hit a 52-week high of Rs 319.40 on January 4. According to the earlier schedule, the open offer that was specified on October 20, 2006, opened on November 27 and ended on December 18, 2006, did not happen due to operational reasons.

For the quarter-ended December 31, 2006, TH Holdings along with EDS owned 51.11 per cent in MphasiS, while Barings India Investments Ltd held 10.07 per cent. The CEO and Managing Director, Mr Jaitirth Rao, owns 2.45 per cent in MphasiS.

Last year, EDS had bought 83 million shares, or a 51.4 per cent majority stake, in MphasiS for nearly $380 million. Subsequently, EDS announced that it was merging its Indian operations with MphasiS. The integration is likely to be completed by the first quarter of 2007. MphasiS will announce its third quarter results on Wednesday.

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