In the mandatory annoucement the acquirers announced that Open offer of Allsec Technologies Ltd. received a response of 2.77% as against the Offer of 20%. This was because of the market price being higher than the offer price.
This is not an isolated case and there are many such issues where the Offer Price were lower than the Market price and yet they have managed to receive couple of lacs shares.
Why would someone surrender shares at a price lower than Market Price? Specially when surrender is distinctly disadvantageous as compared to selling in the market because
(a) Payment is delayed
(b) Uncertainty as to the no. of shares that will be accepted
(c) Price risk at the time of receipt back of unaccepted shares
(d) loss of tax benefit because STT is not paid.
This could be another scam and needs to be investigated properly, not only for Allsec Technologies Ltd. but for all such cases.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment