Everonn Education is frozen at the 5% upper circuit at Rs 424 after Varkey Group (Acquirer) made an open offer to acquire 4.48 million equity shares representing 20% equity capital of the company at the price of Rs 528 per share.
"The offer is being made by the Acquirer as a result of the proposed acquisition of 2.61 million shares of the Everonn Education at a price of Rs 528 per share through preferential allotment aggregating to 12% of the post preferential issuance equity capital of the company," Everonn Education said in a public announcement made in the pink newspaper.
The offer is opens on Thursday, November 16, 2011 and closes on Monday, December 05, 2011, it added.
The stock zoomed almost 75% in past two weeks from Rs 243 on September 12, 2011. A combined 1.66 million shares have changed hands on the counter till 0951 hours.
