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Sebi denies asking Pyramid Saimira to make open offer

Sebi denies asking Pyramid Saimira to make open offer
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First Published: Tue, Dec 23 2008. 02 09 PM IST
Updated: Tue, Dec 23 2008. 02 09 PM IST
New Delhi: Sebi denies media reports that it had directed chairman of Pyramid Saimira Theatre Ltd, P.S. Saminathan to make an open offer to buy 20% in the company at Rs250 a share.
N. Hariharan, general manager of Securities and Exchange Board of India clarified: “We have not issued any such letter to Pyramid Saimira Theatre Ltd. Since there seems to be letter in circulation we are looking into it. SEBI shall issue a detailed Press Release later today. ”
Meanwhile the company in a regulatory filing to the BSE on Monday had said it did not receive any communication from Sebi but on Tuesday they said that Sebi did issue such orders.
Media and entertainment house Pyramid Saimira shares had surged on Monday to as much as 10% on reports that the company would make an open offer to the shareholders for acquiring a further 20% stake.
Under the existing regulatory rules of the country a promoter is allowed to acquire up to 5% equity every year. (With PTI adds)
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First Published: Tue, Dec 23 2008. 02 09 PM IST