 "Monsanto India gains on open offer by Bayer")
Monsanto India is trading higher by 5% at Rs 2,505 on the BSE after German pharma and chemical major Bayer group announced an open offer to buy up to 4.49 million shares representing 26% of the paid-up capital of the agrochemicals Company at Rs 2,481.60 per share.
On September 14, Bayer AG announced acquisition of Monsanto for $66 billion to create the world's biggest seed and pesticide firm.
After completion of the proposed deal, Bayer group will be indirectly acquiring the 72.14% voting share capital of the Monsanto India, triggering into launch of an open offer for the shareholders of the Monsanto India.
Monsanto group holds 72.14% stake in the Monsanto India as on June 30, 2016, according to regulatory filing.
The stock of Monsanto India hit a high of Rs 2,540 on the BSE in intra-day trade. It hit a 52-week high of Rs 2,745 on June 15, 2016 during intra-day trade. Till 10:13 am, a combined 127,720 shares changed hands on the counter on the BSE and NSE.
On September 14, Bayer AG announced acquisition of Monsanto for $66 billion to create the world's biggest seed and pesticide firm.
After completion of the proposed deal, Bayer group will be indirectly acquiring the 72.14% voting share capital of the Monsanto India, triggering into launch of an open offer for the shareholders of the Monsanto India.
Monsanto group holds 72.14% stake in the Monsanto India as on June 30, 2016, according to regulatory filing.
The stock of Monsanto India hit a high of Rs 2,540 on the BSE in intra-day trade. It hit a 52-week high of Rs 2,745 on June 15, 2016 during intra-day trade. Till 10:13 am, a combined 127,720 shares changed hands on the counter on the BSE and NSE.