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Sebi asks BNP Paribas to clarify on open offer

Sebi asks BNP Paribas to clarify on open offer
PTI
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First Published: Thu, Apr 26 2007. 06 07 PM IST
Updated: Thu, Apr 26 2007. 06 07 PM IST
Mumbai: French banking major BNP Paribas said on 26 April that the Securities and Exchange Board of India (Sebi) has sought some clarification regarding its open offer to shareholders of brokerage firm Geojit Financial Services.
The exact nature of clarifications sought by the market regulator was not disclosed, but it said the proposed open offer worth nearly Rs120 crore for 20% preferential issue capital has been deferred owing to the development.
“Sebi has sought some clarification which are in the process of being submitted,” Ambit Corporate Finance informed the BSE on 26 April on behalf of BNP Paribas.
“The original schedule of activity as disclosed in the public announcement is delayed and the revised schedule of activity will be announced on receipt of the observation from Sebi in terms of proviso to Regulation 18(2) of the Sebi Takeover Code,” it said.
The offer was originally supposed to open on 9 May and close on 28 May.
On 16 March, Ambit Corporate Finance (manager to the offer) had asked Geojit shareholders to tender shares at a price of Rs27.50 a share for 4.63 crore shares through an open offer.
Upon completion of the offer, assuming full acceptance and no subscription warrant would be converted — BNP Paribas SA would hold 49.36% of the outstanding voting and equity share capital of Geojit.
Geojit Financial Services has already issued 5.68 crore shares and 2.28 crore warrants to BNP Paribas, making BNP Paribas its single largest shareholder.
The Re1 face value shares were allotted to BNP Paribas at Rs26 a share while the warrants too could be converted into equity shares at the same price after 18 months.
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First Published: Thu, Apr 26 2007. 06 07 PM IST
More Topics: Money Matters | Equities |