Anjani Portland Cement jumped 4.42% to Rs 57.90 at 11:59 IST on BSE after Chettinad Cement Corporation announced a mandatory open offer for acquisition of upto 47.81 lakh equity shares of the Anjani Portland Cement at Rs 61.75 per share.
The announcement was made after market hours on Wednesday, 12 March 2014.
Meanwhile, the S&P BSE Sensex was up 82.64 points or 0.38% at 21,938.86.
On BSE, so far 4.12 lakh shares were traded in the counter as against average daily volume of 16,868 shares in the past one quarter.
The stock hit a high of Rs 58.20 and a low of Rs 57.60 so far during the day. The stock had hit a 52-week high of Rs 60.35 on Wednesday, 12 March 2014. The stock had hit a 52-week low of Rs 13.05 on 26 July 2013.
The stock had outperformed the market over the past one month till 12 March 2014, surging 39.32% compared with the Sensex's 6.88% rise. The scrip had also outperformed the market in past one quarter, galloping 200.54% as against Sensex's 4.45% rise.
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The small-cap company has equity capital of Rs 18.39 crore. Face value per share is Rs 10.
Chettinad Cement Corporation on Wednesday, 12 March 2014, announced a mandatory open offer for the shareholders of Anjani Portland Cement for acquisition of upto 47.81 lakh equity shares of the company, representing 26% of the voting equity share capital on a fully diluted basis at Rs 61.75 per share aggregating upto Rs 29.52 crore assuming full acceptance of the open offer.
The mandatory open offer was triggered by Chettinad Cement Corporation entering into a share purchase agreement for acquiring 1.13 crore equity shares of Anjani Portland Cement constituting 61.62% stake in the company from the promoters of Anjani Portland Cement at Rs 61.75 per share.
Anjani Portland Cement reported a consolidated net loss of Rs 2.69 crore in Q3 December 2013 as against net profit of Rs 1.34 crore in Q3 December 2012. Net sales rose 12.3% to Rs 80.37 crore in Q3 December 2013 over Q3 December 2012.
Anjani Portland Cement is one of the leading cement manufacturers in South India.
South India based Chettinad Cement Corporation markets cement under its 'Builders Choice' brand.
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