Alstom T&D India has rallied 7% to Rs 193, after its France-based parent company Alstom Holdings made an Open Offer to acquire additional 26% stake of the company at a price of Rs 187.64 per share.
“Alstom Holdings has made an Open Offer to the shareholders of Alstom T&D India Ltd for acquisition of up to 62.17 million fully paid-up equity shares of face value of Rs 2, representing 26% of the fully diluted voting equity share capital of the company at a price of Rs 187.64 per equity share,” ICICI Securities said in a filing on behalf of the company.
The stock opened at Rs 190 and touched high of Rs 196 on the Bombay Stock Exchange. A combined around 75,000 shares have already changed hands on the counter in opening deals, as against an average of less than 25,000 shares that were traded daily in past two weeks.