Calcutta, June 22 :    Calcutta, June 22:  The Sardas have started tapping the shareholders of BSL Ltd while giving the final touches to a formal open offer. They have drawn up a list of shareholders holding over 1,000 shares, and are going to appeal to them formally to participate in the open offer. The Sardas are angling for a 45 per cent stake in BSL-formerly Bhilwara Synthetics Ltd-and management control of the company. They claim they would make a public offer for 30 per cent of the company's shares. The success of their open offer depends largely on the participation of retail shareholders. They hold around 33 per cent of the BSL's shares. Ghanshyam Sarda said, 'We are going to request the shareholders of BSL to help us gain management control of the company.' The appeal will be made even before the formal offer is launched. Unit Trust of India and insurance companies hold 12.5 per cent of BSL's equity. The Sardas have already offered Rs 71 per share to the institutions, but they did not respond. The public offer is expected to be around Rs 80 per share. The Sardas and their ally Kailash Agarwal, a Dubai-based businessman, have amassed 13 per cent. The SMIFS group of investment companies holds 2 per cent through two firms. They held over 6 per cent until recently. The actual control of the promoters-the Churiwals and Jhunjhunwalas-is said to be over 40 per cent, though their declared holding is around 36 per cent. The market expects them to fight back with a counter-offer once the Sardas announce their bid.