Open offer likely to buoy Asian Oil

The stock of Asian Oilfield Services may see higher activity this week as Samara Capital Partners Fund has made an open offer to its shareholders. The acquirer plans to mop up 58.04 lakh shares, representing 26 per cent of the fully diluted voting equity share capital of the company. Samara Capital offers Rs 21 a share to shareholders of Asian Oilfield. The offer price, however, would be revised with respect to preferential issue of equity shares on September 23 to Samara Capital. The board recently approved an allotment of 70 lakh shares to Samara Capital. The stock on Friday closed at Rs 20.1 and is currently trading under call auction window.