What about the companies doing the bid rigging with the top shareholder? Here in these cases, the Top 100 shareholders held more than 20 Lakh shares. It could have been easily done if the promoters intended. Abbakus, Jupiter, axis and Tulshan family held more than 11 lakh shares. None of them tendered. Is it really possible without coordination with the promoter/manager to the issue? Take the case of Abbakus. They recently bought at rs 910. Within 3 months they were getting 1201/- (base case). Who would not like that? Are they assuming fair value higher than that or is it something else?(remember Promoters undertone itself is that the business will keep facing issues in the near term)
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