Moneycontrol Bureau
Investors have been buying shares of Tide Water Oil for five consecutive trading sessions ahead of final day of open offer. The stock shot up 66 percent in five sessions to hit a record high of Rs 28,820 on Tuesday, increased from Rs 17,332 on December 21.
The company's open offer will close on December 30. Offer price was revised from Rs 16,632 a share earlier to Rs 17,505 per share.
Standard Greases, Janus Consolidated, Alpha TC and Tata Capital announced an open offer to acquire up to 2.265 crore equity shares, representing 26 percent equity capital stake, in the company.
Andrew Yule (26.22 percent stake - promoter), Standard Greases & Specialities (23.24 percent), Janus Consolidated (1.69 percent), retail investors (24.32 percent), LIC (4.22 percent) and United India Insurance (6.88 percent) are major shareholders in the company, as per latest shareholding pattern (September 2015).
At 15:16 hours IST, the scrip of Tide Water Oil was quoting at Rs 28,300, up Rs 4,149, or 17.18 percent amid high volumes on the BSE.Posted by Sunil Shankar Matkar
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