However, investors who responded to the offer may have to wait till the disposal of litigation by the Delhi HC concerning the offer. In an interim order, the court had directed the company to hold the payment till it clears the petition. A shareholder of RCL had filed the case after his attempts to stall the offer through representations to theSEBI and the MoF failed to have desired result.

Market sources at Hyderabad say that the low-key response was expected as there was no floating stock in the market to support the public offer. B V Raju and associates themselves hold about 70 per cent including the holdings bought from the financial institutions. Raju had made the offer at Rs 25 per share in a bid to stave off perceived threat from ICL's N Srinivasan and came close on the heels of his successful raid on RCL. Following pressure from institutions, Raju later revised the offer price to Rs 100 per share.To counter the offer price, the ICL management (the present RCL management) had also filed a civil suit in the city civil courts at Hyderabad questioning the ownership of 40 per cent of stock off-loaded to nine bodies incorporated by B V Raju when he was the chairman of RCL.