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Byline: Prasenjit Bhattacharya
: Tata Consultancy Services' open offer for the shares of CMC has met with negligible response. As TCS informed Sebi about the closure of the open offer last week, less than 1 per cent of the total public offering of CMC was turned in to TCS in the 45-day open offer period.
TCS' open offer for CMC covered around 17 per cent of the PSU IT company's equity, which is in the public hands. Only 0.73 per cent of that 17 per cent equity was picked up by TCS at the end of the open offer period. The open offer price was kept at Rs 281.26 per share.
The percentage of total shares turned in by investors during the open offer …