Financial Daily from THE HINDU group of publications
Sunday, Feb 16, 2003
Financial Daily from THE HINDU group of publications Sunday, Feb 16, 2003 |
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Mergers & Acquisitions Corporate - Open Offers Reliance stake in BSES rises to 58 pc Our Bureau
MUMBAI, Feb. 15 AS the second open offer made by Reliance Industries Ltd (RIL) for BSES shares closed on Saturday, RIL's holding in the power company has swelled from 44 per cent to about 58 per cent. The BSES Chairman, Mr Anil Ambani, said a domestic financial institution and a few FIIs would have sold their holdings, besides others. However, addressing the EGM of the company here today, Mr Ambani said final details were yet to come. Institutional sources later said UTI had sold almost its entire stake of eight per cent at the open offer price of Rs 230 per share. RIL's earlier open offer for BSES had increased its holding in the power utility company to about 44 per cent, with 37 per cent held by UTI, LIC and GIC. Mr Ambani offered an option for small investors having odd lot shares in BSES to tender their shares at market value. He announced the setting up of an Odd Lot Shares Trust, operational from today for the convenience of small shareholders to ensure that they "received the full market value" for their odd lot shares. "The scheme is entirely optional," he said. The competition in the power supply sector and the "precarious" position of BSES' operations in Andhra Pradesh and Kerala would receive immediate attention by the new management. The company would also be looking out for new opportunities in the power sector. Replying to a shareholder's question on whether BSES would diversify, Mr Ambani said, "There will be no deviation from the power sector as far as BSES is concerned." "We will strive to provide a leadership role for BSES so that it has global competitiveness in all its operations. The objective is to provide reliable and quality power at competitive prices," he added. The EGM approved all the resolutions including the appointment of Mr Ambani, as Chairman. The shareholders also approved the appointments of Mr S.C. Gupta as the director (Operations) and Mr J.P. Chalasani as Director (Business Development).
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