 "Krebs Biochemicals hits 52-week high as open offer begins")
Shares of Krebs Biochemicals and Industries is locked in upper circuit of 10% at Rs 135, also its 52-week high on the BSE, after an open offer for its shares made by the pharmaceutical firm Ipca Laboratories begins today.
Ipca Laboratories propose to acquire 3.57 million equity shares representing 26% of the total equity of Krebs Biochemicals at a price of Rs 54 per share.
The open offer will commence on April 15 and close on April 28, Krebs Biochemicals said in a statement.
Till 1031 hours, around 15,000 shares changed hands and there are pending buy orders for 20,673 shares on the BSE.
At its board meeting on February 13, Ipca Laboratories approved a proposal to subscribe to 2.3 million shares of Krebs Biochemicals of face value of Rs 10 each at Rs 54 besides making an open offer to the public shareholders to buy 3.57 million shares representing 26% of the fully diluted equity post preferential offer and conversion of warrants.
Since then the stock has rallied more than 100% from Rs 62.70 on February 12, 2015 compared with less than 1% rise in the S&P BSE Sensex.
Ipca Laboratories propose to acquire 3.57 million equity shares representing 26% of the total equity of Krebs Biochemicals at a price of Rs 54 per share.
The open offer will commence on April 15 and close on April 28, Krebs Biochemicals said in a statement.
Till 1031 hours, around 15,000 shares changed hands and there are pending buy orders for 20,673 shares on the BSE.
At its board meeting on February 13, Ipca Laboratories approved a proposal to subscribe to 2.3 million shares of Krebs Biochemicals of face value of Rs 10 each at Rs 54 besides making an open offer to the public shareholders to buy 3.57 million shares representing 26% of the fully diluted equity post preferential offer and conversion of warrants.
Since then the stock has rallied more than 100% from Rs 62.70 on February 12, 2015 compared with less than 1% rise in the S&P BSE Sensex.