Shareholders of Aptech can reject the open offer being made at a price of Rs 61 per share. The current market price of Aptech at Rs 110 is significantly higher than the open offer price, reflecting the improving fundamentals in the computer education business.

The open offer is to pick up an additional 20 per cent equity stake has been triggered by a change in control in Aptech on account of a share purchase agreement /preferential allotment made to the acquirers. Compared to losses made at the operating and net profit level in the third quarter of 2004-05, the last two quarters have been profitable for Aptech.

This confirms that the computer education business is back on a steady growth path.

The offer opened on September 5 and closes on September 26. IL & FS Investsmart is the manager to the offer.

BL Research Bureau

(This article was published in the Business Line print edition dated September 18, 2005)
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