The professional management of BSES has decided to throw its full weight behind the open offer made by the Reliance group for an additional 20 per cent stake and management control in the power major.
The management has taken the line that management control of the company by the Reliance group will result in BSES performing better.
BSES' acting chairman and managing director S S Dua said in a media statement on Monday: "We strongly support Reliance's open offer for BSES. Reliance is already the largest shareholder in our company with nearly a 44 per cent stake.
Considering Reliance's consistent track record of superior operational efficiency and financial performance, we are confident that BSES will rise to new heights under Reliance's management control, leading to enhancement of the overall value for all BSES's stakeholders, including our valued 5 million customers and nearly 140,000 shareholders."
In the event of the Reliance group managing to hike its stake to over 51 per cent through the open offer, it is expected to seek majority control of the board by increasing its nominees to five from the present three.
Reliance hikes BSES stake
BSES on Monday informed the BSE that Reliance Power Ventures, which has made a 20 per cent open offer for BSES along with Reliance Industries, purchased 775,562 equity shares of the company on Monday, or a 0.56 per cent stake, at an average rate of Rs 226.86 per share and at the highest rate of Rs 227.35 per share through open market transactions on the Bombay Stock Exchange and the National Stock Exchange.
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