The recent bull run has made almost all associated with the stock markets happy except some companies which intend to purchase shares from retail investors. Reason: the market price of the stocks of those companies surpassed offer prices, robbing the buyback offers of their sheen.

Offers meant for the shareholders of Century Enka, Sun Pharmaceuticals and Punjab Tractors have virtually lost significance with the offer prices becoming lower from Friday's closing rates by 10 per cent to as much as 185 per cent.

The Century Enka stock closed at Rs 124.80, higher by 186.36 per cent on the National Stock Exchange, over the offer price of Rs 43.58.

The Sun Pharma counter witnessed closing at Rs 504.95 on the NSE, a 34.65 per cent higher than the upper limit of buy back price of Rs 375. The share price of Punjab Tractors closed at Rs 167.85, a 9.70 per cent rise over the offer price of Rs 153 a piece.

Acordis, the Dutch conglomerate, is making an open offer at the instruction of Sebi to acquire 20 per cent from retail shareholders of Century Enka. Priced at Rs 43.58 per share, the offer aims at purchasing 57.28 lakh (5.728 million) equity shares of Rs 10 each, representing 20 per cent Century Enka's paid-up equity.

The pricing of the delayed offer is a bit better, Rs 69.89, for those who are eligible for 15 per cent interest. Even then, the market price is still 78 per cent higher than the offer price.

Market experts said the introduction of the offer, slated to open on October 7, was a formality as no shareholder was expected to opt for it.

The Sun Pharma management was buying back shares from the open maker with a upper limit of Rs 375. Everything was all right till the pharma stocks were set on fire. If the trend continued, experts said, this buy back programme would be proved a damp squib.

CDC, which has acquired the Punjab government's 23.49 per cent stake at Rs 153 per share, would not be able to evince shareholders' interest to its ensuing offer unless the market dipped, analysts said.

The counter closed Rs 14 higher than the offer price. The offer opens on September 18.

Meanwhile, there is a possibility of upwards revision CDC offer price. Market sources said CDC has acquired 6 lakh (600,000) shares of Harshad Mehta from the custodian at Rs 156.

Since the buy out followed acquisition of the Punjab government's stake, CDC would have to pay Rs 156 to the retail shareholders as well, an analyst said.

The stock is rising

• The Century Enka scrip closed at Rs 124.80, higher by 186.36 per cent on the NSE on Friday over the offer price of Rs 43.58
• The Sun Pharma scrip closed at Rs 504.95, a 34.65 per cent higher than the upper limit of the buyback price of Rs 375
• The share price of Punjab Tractors closed at Rs 167.85, a 9.70 per cent rise over the offer price of Rs 153 a share