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.

The market regulator has also sought explanation from the Chairman and Managing Director of Pyramid Saimira Theatre (PSTL), P. S. Saminathan on various violations of regulations in deals. Saminathan violated Section 3(3) of the SEBI (SAST) Regulation of 1997 by inter-se transfer among the promoters before three years from allotment.

Saminathan is also asked to explain the reasons to attach false disclosure to the stock exchanges besides acquiring shares at two different prices.

The shares of company recorded 16.36 per cent gain and closed at Rs 75.40 on the BSE on Friday.