Fulford India has moved higher by 4% at Rs 953 on back of heavy volumes after the company revised the open offer price upwards from Rs 830 per share to Rs 1,000 per share.
“The acquirer and the persons acting in concert have decided to revise the offer price upwards from Rs 830 per share to Rs 1,000 per share. Accordingly, the revised offer price of Rs 1,000 per share shall be paid to all shareholders who validly tender their shares in this Offer, subject to the terms and conditions set out in the Letter of Offer,” Fulford India said in a filing.
Dashtag along with Merck & Co., Inc. have made voluntary open offer to acquire 21.07% stake of the Fulford India Ltd, which starts from September 13, 2012.
The stock opened at Rs 949 and hit a low of Rs 843 on the BSE. As many as 121,000 shares have already changed hands on the counter till early noon trades against an average sub 15,000 shares that were traded daily in past ten trading days on the BSE.