The open offer opened on June 17 and will close on July 16. The company chairman BK Modi said that there will not be any revision in the prices. XMC came out with the to acquire the stake from public and FIs as part of the move to delist these companies.

The company had said that the move followed a common practice among multinationals to be the only principal company on the exchange and delist all subsidiaries. In MXL, the promoters hold around 76.50 per cent while in Modi Xerox Financial Services, the stake is around 70.66 per cent. The promoters hold an additional 9 per cent in MXFS through associates but this does not qualify as promoters stake.