Reliance announces open offer to acquire 20% equity in BSES

Mumbai: Reliance Industries (RIL) has announced an open offer to acquire 20 per cent equity in BSES at Rs 230.10 per share. The offer, made along with RIL's wholly owned subsidiary Reliance Power Ventures, will open on 17 January 2003 and close on 15 February 2003.

Says RIL vice-chairman and managing director Anil Ambani: “The open offer for the acquisition of BSES reflects our commitment to the development of the power sector, a core infrastructural area, for the acceleration of India's future economic growth. We believe this step is in the best interests of both the companies, and will significantly contribute to the enhancement of the overall shareholder value for Reliance and BSES.“

The open offer price represents a premium of over 7 per cent to the 26 weeks' average price of the BSES stock and a premium of nearly 3 per cent to its closing market price on 20 December 2002. The BSES scrip closed at Rs 225.20 on the Bombay Stock Exchange.