An open offer by Rane Holdings and Nisshinbo Industries helped the stock of Rane Brake Lining register a gain of 2.68 per cent to Rs 44.05. The open offer price of Rs 50 was announced after market hours yesterday and is at a 13.5 per cent premium to the current market price.
Rane Brake Linings had decided to issue seven lakh shares of Rs 10 each at a premium of Rs 40 per share on preferential basis on March 2, 2009 to its Japanese technology partner, Nisshinbo Industries. This triggered the open offer.