Hindustan Unilever (HUL) is trading flat at Rs 590 after Unilever Plc’s $5.4 billion (approximately Rs 29,380 crore) open offer to increase stake in its Indian arm began today. The open offer will close on July 4.
The stock opened at Rs 593 and hit a low of Rs 589 in intra-day deals on the Bombay Stock Exchange (BSE). A combined 2.4 million shares had already changed hands on the counter till 1100 hours, as against an average 1.5 million shares that were traded daily in past two weeks.
In a statement from London, the Unilever said the open offer price is fixed at Rs 600 apiece, but added that the company will offer a Rs 6 dividend per share, the PTI report suggests. The parent company proposed to acquire 487 million shares representing 22.52% of the total equity capital. Currently, Unilever holds 52.48% in HUL and post open offer it will go up to 75%.
The stock opened at Rs 593 and hit a low of Rs 589 in intra-day deals on the Bombay Stock Exchange (BSE). A combined 2.4 million shares had already changed hands on the counter till 1100 hours, as against an average 1.5 million shares that were traded daily in past two weeks.
In a statement from London, the Unilever said the open offer price is fixed at Rs 600 apiece, but added that the company will offer a Rs 6 dividend per share, the PTI report suggests. The parent company proposed to acquire 487 million shares representing 22.52% of the total equity capital. Currently, Unilever holds 52.48% in HUL and post open offer it will go up to 75%.