Hari and his Persons Acting in Concert (PAC) holding 15% Equity Shares in XYZ Ltd. They purchased another 20% equity shares at a negotiated price of ₹120. The data pertaining to acquisition of shares by Hari and PAC in t

To determine the Offer Price at which open offer shall be made we need to compute following two more prices: (A) Volume Weighted Average Price for Acquisition made during 52 weeks preceding the date of Public Announcement: Date of Acquisition Price Per Share (₹) No. of Shares Acquired Consideration (₹) 28.12.2018 70.15 27120 19,02,468 31.12.2018 72.50 30150 21,85,875 03.01.2019 82.15 32120 26,38,658 09.01.2019 87.10 29750 25,91,225 07.02.2019 91.20 23270 21,22,224 15.02.2019 75.50 32330 24,40,915 07.03.2019 82.10 27220 22,34,762 11.04.2019 85.10 22110 18,81,561 09.05.2019 91.50 18240 16,68,960 20.06.2019 92.70 20000 18,54,000 19.07.2019 87.60 15170 13,28,892 21.08.2019 82.70 12,714 10,51,448 19.09.2019 83.75 13115 10,98,381 15.10.2019 93.70 37111 34,77,301 14.11.2019 94.20 30240 28,48,608 21.11.2019 101.70 29,999 30,50,898 10.12.2019 85.00 31147 26,47,495 20.12.2019 95.60 30960 29,59,776 4,62,766 3,99,83,447 Volume Weighted Average Price: ₹3,99,83,447 / 4,62,766 = ₹86.40 (B) Highest price paid for acquisition made during the 26 weeks preceding date of Public Announcement: Date of Acquisition Price Per Share (₹) 19.07.2019 87.60 21.08.2019 82.70 19.09.2019 83.75 15.10.2019 93.70 14.11.2019 94.20 21.11.2019 101.70 10.12.2019 85.00 20.12.2019 95.60 Thus, Highest Price paid for acquisition is ₹101.70 Accordingly, the minimum open offer price for acquisition of shares shall be highest of the following: Highest negotiated price per share under the share purchase agreement ('SPA') triggering the offer; i.e. ₹120 Volume weighted average price of shares acquired by the acquirer during 52 weeks preceding the public announcement ('PA') i.e. ₹86.40 Highest price paid for any acquisition by the acquirer during 26 weeks immediately preceding the PA; i.e. ₹101.70 Volume weighted average market price for sixty trading days preceding the PA; i.e. ₹110 Since the highest of the above prices is ₹120 the minimum price at which offer shall be made is ₹120 .