The Securities and Exchange Board of India (SEBI), at its board meeting today, is expected to take up the proposal of waiving the open-offer pricing rule for potential buyers of scam-hit Satyam Computer Services.
Prospective bidders for Satyam including Larsen & Toubro (L&T), iGate and HCL have sought an exemption from the current open offer pricing rule of the last six months’ average price. In Satyam’s case, this price would come to Rs 263. 89. However, between December 17, when the company withdrew its controversial bid to buy two promoter-owned realty firms, and January 30, the average price dropped to Rs 93.58. Between January 7, when its founder Ramalinga Raju confessed to fraud, and January 30, the average price plunged to Rs 34.95.
SEBI may seek the opinion of its takeover panel on the matter.