Pyramid Saimira surges 10 pc on open offer reports
Media and entertainment house Pyramid Saimira today surged as much as 10 per cent on the domestic bourses on reports that the promoters would make an open offer to the shareholders for acquiring a further 20 per cent stake.
By PTI |
MUMBAI: Media and entertainment house Pyramid Saimira today surged as much as 10 per cent on the domestic bourses on reports that the promoters would make an open offer to the shareholders for acquiring a further 20 per cent stake.
The Securities and Exchange Board of India has directed Pyramid Saimira Theatre to make an open offer as one of the promoters has acquired more than five per cent equity from market in the year 2008, according to the media reports.
Shares of Pyramid Saimira surged 9.95 per cent in the opening trade to hit its upper circuit of Rs 82.90 on the Bombay Stock Exchange.
Similar movements were witnessed on the National Stock Exchange where the scrip surged to a high of Rs 83, up 10 per cent from Friday's close. Over 29.35 lakh shares changed hands on both the exchanges.
Meanwhile, in a regulatory filing to the BSE the company said it has not received any communication from SEBI so far.
Under the existing regulatory rules of the country a promoter is allowed to acquire up to five per cent equity every year. However, one of the promoters of Pyramid Saimira, P S Saminathan, has acquired more than this limit.
"The company has informed that P S Saminathan, promoter, who is also chairman and managing director, has also confirmed that he has not received any communication from SEBI in this regard," the filing added.
The Securities and Exchange Board of India has directed Pyramid Saimira Theatre to make an open offer as one of the promoters has acquired more than five per cent equity from market in the year 2008, according to the media reports.
Shares of Pyramid Saimira surged 9.95 per cent in the opening trade to hit its upper circuit of Rs 82.90 on the Bombay Stock Exchange.
Similar movements were witnessed on the National Stock Exchange where the scrip surged to a high of Rs 83, up 10 per cent from Friday's close. Over 29.35 lakh shares changed hands on both the exchanges.
Meanwhile, in a regulatory filing to the BSE the company said it has not received any communication from SEBI so far.
Under the existing regulatory rules of the country a promoter is allowed to acquire up to five per cent equity every year. However, one of the promoters of Pyramid Saimira, P S Saminathan, has acquired more than this limit.
"The company has informed that P S Saminathan, promoter, who is also chairman and managing director, has also confirmed that he has not received any communication from SEBI in this regard," the filing added.
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