Open offers highest since '08

Open offers this calendar year, following attempts at acquisition and takeover, came in at more than two a week.

- SACHIN P MAMPATTA

There were 121 such open offers to acquire additional shares following a substantial acquisition or change of control, shows the data compiled by primedatabase.com.

This is the highest in 17 years and the second-highest since 1997 (the data is available since that year). The previous high was in 2008, which saw 133 open offers.

In terms of value, the offer — of ₹41,443.95 crore this year — is the third-highest on record, with 2013 (₹47,473.77 crore) and 2022 (45,649.39 crore) being the only other two years with higher numbers.

Takeover provisions are triggered when certain conditions are met. This broadly includes entities acquiring more than a 5 per cent stake in a company in a year, acquiring 25 per cent overall, or if there is a change in control in the company.

Most open offers are for a minimum of an additional stake of 26 per cent and allow public shareholders an exit after the acquisition.