 "Hitachi Home dips on open offer by Johnson Controls, Inc")
Hitachi Home and Life Solutions (India) has dipped 7% to Rs 1,057 on the National Stock Exchange (NSE), after the promoters of the company made an open offer to acquire the entire public shareholding at price of Rs 821.38 per share. The offer price is 28% below from its Friday’s closing price of Rs 1,133 on NSE.
The stock opened at Rs 1,130 and touched a low of Rs 950 on NSE. A combined 355,787 shares changed hands on the counter till 1038 hours on NSE and BSE.
“Johnson Controls, Inc along with Hitachi Appliances, Inc. and Hitachi Ltd have made an open offer to acquire 7.00 million shares representing the 25.748% of fully diluted voting equity share capital of the Hitachi Home & Life Solutions (India),” DSP Merrill Lynch, the manger of the open offer said in a regulatory filing. The offer price is Rs 821.38 per share and will be subject to any upward revisions, if applicable.
On January 22, the stock zoomed 20% to Rs 1,169 from Rs 974, after the parent company decided to divest stake in company into global joint venture (JV). Hitachi Appliances Inc and Hitachi India hold 74.25% stake in the company, according to BSE data.
The stock opened at Rs 1,130 and touched a low of Rs 950 on NSE. A combined 355,787 shares changed hands on the counter till 1038 hours on NSE and BSE.
“Johnson Controls, Inc along with Hitachi Appliances, Inc. and Hitachi Ltd have made an open offer to acquire 7.00 million shares representing the 25.748% of fully diluted voting equity share capital of the Hitachi Home & Life Solutions (India),” DSP Merrill Lynch, the manger of the open offer said in a regulatory filing. The offer price is Rs 821.38 per share and will be subject to any upward revisions, if applicable.
On January 22, the stock zoomed 20% to Rs 1,169 from Rs 974, after the parent company decided to divest stake in company into global joint venture (JV). Hitachi Appliances Inc and Hitachi India hold 74.25% stake in the company, according to BSE data.