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 .
