July 13, 2012 / 10:45 IST
Tube Investments will acquire 44% stake in Shanthi Gears, reports CNBC-TV18.
L. Ramkumar, MD of Tube Investments, in an interview to CNBC-TV18 said that the company is looking to buy 44% stake in Shanthi gears at Rs 81 per share. This acquisition, he said, will be funded via internal accruals and post deal will look to restructure Shanthi Gears board.
Shanthi Gears touched a 52-week high of Rs 63.15. At 10:30 hrs the share was quoting at Rs 63.15, up Rs 3, or 4.99%.
There were pending buy orders of 1,048,190 shares, with no sellers available. It was trading with volumes of 198,055 shares.
In the previous trading session, the share closed up 4.43% or Rs 2.55 at Rs 60.15.
Tube Investments of India touched an intraday high of Rs 161.45 and an intraday low of Rs 149.70. At 10:32 hrs the share was quoting at Rs 157.95, up Rs 12.25, or 8.41%.
It was trading with volumes of 106,550 shares, compared to its five-day average of 11,875 shares, an increase of 797.28%.
In the previous trading session, the share closed down 2.51% or Rs 3.75 at Rs 145.70.
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