Tinplate surges 19% after open offer by Tata Steel

In a release sent to exchanges, company said, "Tata Steel made voluntary open offer for acquisition of upto 1,46,53,470 equity shares of face value of Rs 10 each at a price of Rs 60 per share from the shareholders of Tinplate Company of India, constituting 14% of the equity share capital of the target company." Tata Steel holds 59.44% stake in the company.
 
At 10:28 hours IST, the share was trading at Rs 54.70, up 16.88%. Market capitalisation of the company stands at Rs 572.53 crore. 
 
Even its trading volumes increased 296% to 6,14,977 equity shares as compared to its 5-day average of 1,55,144 shares.