Moneycontrol PRO

Rupee crash takes a toll on HUL open offer

Large investors like LIC and Aberdeen are already said to have opted out of the open offer.

June 19, 2013 / 02:18 PM IST
 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

The government's expectation of USD 5 billion dollar inflow via HUL open offer looks difficult if the current HUL price is anything to go by.


The stock price is hovering just shy of Rs 600 per share.


Large investors like LIC and Aberdeen are already said to have opted out of the open offer.


Unilever plans to hike stake in the Indian arm from 52.48 percent to 75 percent for originally Rs 29,220 crore or USD 5.4 billion—a dollar value that has now become USD 4.9 billion after rupee depreciation.


The last day was June 18 for Unilever to hike the offer price, and Unilever has confirmed to CNBC-TV18 that it will not be hiking the offer price. The offer will begin on June 21.


Meanwhile, the FMCG major today said the committee of independent directors that looked into parent firm Unilever’s proposed $5.4 billion open offer, is of the view that the offer price of Rs 600 per share is "fair and reasonable".

Also Read: Unilever's Bargain Offer: Hold on or tender your shares?

first published: Jun 18, 2013 10:26 pm

stay updated

Get Daily News on your Browser
Sections
ISO 27001 - BSI Assurance Mark