Rhodia Specialty has extended yesterday's upper circuit gains of and surged more than 6% to hit a record high of Rs 849 after Solvay SA, one of the promoter of the company, increased the delisting offer price to Rs 675 per share on Thursday.
Earlier, the company had determined the floor price of Rs 442.64 per share.
In a letter dated February 19, 2014, Solvay SA informed that, "after considering the prevailing market conditions, the indicative price at which the acquirer may be willing to accept the equity shares tendered in the delisting offer is Rs 675 per equity share", Rhodia Specialty said in a statement.
The promoter proposed to acquire up to 292,774 equity shares representing 8.673% stake held by public shareholders in the company.
Solvay Participations France S.A.S currently holds 620,852 Equity Shares, representing 18.39% of the paid-tip equity share capital of the company, and along with Rhodia UK Limited, currently holds, 91.33% of the paid-up equity share capital of the company.
The stock had hit a 52-week low of Rs. 325.10 on 13 May 2013.