Mittals Want All Of Bharti Telecom

The open offer has been triggered by negotiated agreements between the holding company, Bharti Enterprises, to buy the 15.8 stake of other financial investors. These include Sterling Horticulture with a nine per cent stake, NRIs with a two per cent stake, and FIs. According to the Sebi takeover code, an open offer must be made in conjunction with these agreements.

At present, the Delhi-based promoters own a 59.7 per cent stake; if the negotiated agreements and the open offer are approved by Sebi and the shareholders respectively, the Mittals will have a 100 per cent stake in the company .