Life Insurance Corporation of India and General Insurance Corporation of India have not participated in the Reliance group's open offer for BSES, while the Unit Trust of India has sold most of its 8.59 per cent stake.

Reliance has, however, garnered about 14 per cent in the open offer and its holding has crossed 58 per cent in BSES, putting it in complete control. The offer closed on Saturday.

LIC and GIC hold 15.42 per cent and 1.61 per cent stake in BSES, respectively. Further, the four former GIC subsidiaries, National Insurance Company, the New India Assurance Company, United India Insurance and Oriental Insurance have a combined stake of 9.62 per cent.

It could not be ascertained as to whether the four erstwhile subsidiaries had participated in the open offer.

"LIC and GIC stayed away from the open offer as they felt that shareholder value in BSES will be enhanced under the management of the Reliance group. UTI on the other hand was guided by its own compulsions," said a senior institutional source.

UTI  has retained a small holding in BSES through its index linked schemes.  The Reliance group which held about 43.5 per cent stake in BSES announced a second open offer for an additional 20 per cent stake at Rs 230.10 per share in December 2002. The Reliance group's stated objective in making the open offer was to, acquire management control.

Earlier, speaking at an extraordinary general meeting of BSES on Saturday, Anil Ambani, vice-chairman and managing director Reliance Industries said, "We could have acquired management control once we emerged as the single largest shareholder in BSES.

"However, we decided to do so only after making a second open offer, which will enable us to cross the 51 per cent mark. This may set new benchmarks in corporate India for gaining control."

Ambani last month took overt as the chairman of BSES. Shareholders approved the appointment of Ambani as chairman and the appointment of S C Gupta as vice-chairman and J P Chalasani as director (operations). Gupta as well as Chalasani are Reliance group nominees. 

"Focus on consistent operational performance, financial conservatism and discipline and healthy growth in cash flows, BSES will enjoy sustained growth , thereby leading to maximisation of shareholder value," Ambani said.

Ambani said that institutional nominees had participated in the open offer but refused to spell out the names. Further, the he also announced  the setting up of an odd lots trust for small investors, which became operational on Saturday.