Upasana Fin: Open offer gets just 16% response

Shares of Upasana Finance will remain in focus, as the open offer from Rekha Jain, Bhavika Jain and Khushbu Jain has received a lukewarm response from Upasana’s shareholders. After buying out the promoters of Upasana Finance, the Jains had launched the mandatory open offer to pick up 26 per cent in the Chennai-based firm at ₹40 a share. Against 11.12 lakh shares, only 1.77 lakh shares (or 16 per cent), were tendered in the offer. Investors will look for further action.