EDS makes open offer to buy 20% more in MphasiS
Electronic Data Systems Corporation (EDS) on Thursday made an open offer to shareholders of MphasiS BFL Ltd to acquire 20 per cent more stake in the company at Rs 204.5 a share.
The open offer is at a marginal discount to the MphasiS’ current ruling price. Following the open offer news, MphasiS shares edged up on the BSE to close 2.2 per cent higher at Rs 210.5 after touching an intra-day high Rs 214.90 on Thursday.
This open offer for a little over 3.294 crore shares by EDS, the second in recent months, starts November 27 and ends December 18, EDS said. After the second open offer, EDS’ holding in MphasiS BFL Ltd will increase to 70.4 per cent. The previous offer closed on June 5.
"Given the large oversubscription in the previous offer, the acquirer intends to further stabilise the target company’s shareholder base by providing a flow-on liquidity event for all interested shareholders and this open offer is in realisation of such a strategy," EDS said in the open offer announcement.
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