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Divestment
ministry sticks to its guns on offer pricing of PSUs
Our
Markets Bureau
Mumbai, Jan 7: The disinvestment ministry on Monday
stuck to its guns on the issue of open offer pricing of PSUs
put on block, and suggested to the takeover panel, appointed
by the market watchdog, that a strategic investor acquiring
government stake in a listed PSU be permitted to make an open
offer at the bid price accepted by the government. The ministry
also wants special dividends to be taken into account while
deciding the open offer pricing.
At the first of the three-day meeting of the Sebi takeover panel,
headed by justice PN Bhagwati, divestment secretary Pradip Baijal
reinforced this point, making out a case before the panel so
that this is incorporated in the revised takeover code being
finalised by the panel.
Under the Sebi’s latest formula for PSU pricing cleared at the
December 28 board meeting, the open offer price would be the
average of highs and lows of the last six months’ prices of
the stock, and the reference date would be the date preceding
the date when the government opens the financial bids.
Apart from justice Bhagwati, Monday’s meeting was also attended
by Nimesh Kampani of JM Morgan Stanley, Shitin Desai of DSP
Merrill Lynch, RN Shah and NA Soonawala of the Tata group.
Further, briefing the panel of the government’s views, Mr Baijal
is understood to have said the pricing formula should also take
into account the special dividend(s) announced in cases like
VSNL for calculating the open offer price.
While the first day’s meet remained by and large inconclusive,
the panel is expected to once again debate the changes in the
code on Tuesday. “If required, the panel may meet again on Wednesday,”
Sebi sources said.
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