Mumbai, May 19 :     Reliance Industries Ltd today finally announced its intention to gain control of BSES Ltd when it made an an open offer to acquire a 20 per cent equity stake in the power utility. BSES is the country's largest power distribution company. The open offer, valued approximately at a whopping Rs 650 crore at a price of Rs 234 per share, will be financed by Reliance from its own resources. Reliance is the single largest private sector shareholder in BSES with aggregate shareholding of 14.82 per cent of subscribed and fully paid up equity share capital. Though the move is not unexpected, the timing of the offer has surprised industry observers. According to a late-night statement issued by the Ambani flagship, Reliance, along with its wholly-owned subsidiary, Reliance Power Ventures Private Ltd (RPVL), has informed the Securities and Exchange Board of India (Sebi), the stock exchanges and the target company of its intention to make an open offer for further acquisition of equity shares of BSES Ltd. Reliance managing director Anil Ambani, said, 'The open offer for BSES represents a strategic step in our pursuit of attractive growth opportunities in the power sector. The offer reflects our commitment to development of the power sector, a core infrastructural area, in line with national priorities.' 'We believe this step is in the best interests of both companies and will significantly contribute to enhancement of overall shareholder value for shareholders of Reliance and BSES', he added. Industry observers say the move by Reliance will bring about a synergy in their operations. Reliance, which is only into power generation, has various projects in the pipeline with total capacity of over 6000 MW. Analysts, however, were of the opinion that the offer may not attract retail investors since the BSES share closed at Rs 255 as against RIL's open offer at Rs 234 per share. The company explained the offer price of Rs 234 per share, as representing the minimum 26 week average price specified by Sebi. The offer is likely to remain open for a period of 30 days.