Devaki Hospital

In the current open offer of Devaki Hospital Ltd. the price offered is Rs. 19/-, but if you look at the 26 weeks data, you will find that there have been abnormally high volume in the weeks ending 5th , 12th , 19th & 26th May 2006, on 19th May 2006 the volume of shares was 27,83,932 lacs at a rate as high as Rs. 32.90 and low of Rs. 29.10 as against average volume of about 50,000 shares per week at an average rate of around of Rs. 15-16.

This raises doubt in the mind that this heavy transaction in the above 4 weeks and subsequently in the week ending 8September’06, just before the take over, must have been undertaken by the interested parties—The Acquirers / PAC. The Acquirers have disclosed a block deal of only 5.30 lacs on 8th September’06 out of a total volume of more than 15.5 lacs shares on that date.SEBI should investigate and establish whether these shares were bought by the acquirer /PAC directly or indirectly and if so than the highest rate of Rs. 32.90 should be paid to all as per the regulations. It should be checked where the shares bought in the month of May’06 are lying as on date.