Citigroup has raised its offer to purchase shares of e-Serve International Ltd, an IT-enabled services company, to Rs 975 per share from the earlier offer of Rs 800 per share.
Citibank Overseas Investment Corporation would accept all the shares validly tendered at exit price of Rs 975 or those tendered below the exit price, the company informed the Bombay Stock Exchange on Monday.
On April 12, 2004, Citigroup had made an offer to acquire the outstanding shares of e-Serve at Rs 800 per share.
The shareholders of the company were invited to submit bids via reverse book building platform.
A total of 5.322 million shares were validly tendered at or below a price of Rs 975 per share, it said.
After acquisition of these shares, the public shareholding in e-Serve would fall below the limit specified in listing regulations. At a later date, the company would be delisted from the stock exchanges.
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