The shareholders of Pyramid Saimira has reason to smile as the Securities and Exchange Board of India (Sebi) has directed the company to make an open offer at a minimum price of Rs 250 to acquire additional 20 per cent shares of company from the public. Its shares are currently trading at Rs 75.40 from around Rs 38 on December 1.
SEBI has asked promoter CMD to make offer within 14 days. The Company Secretary of Chenni-based PSTL, Kanhu Charan confirmed a letter from SEBI.