Shares of fast moving consumer goods company (FMCG) are on a roll on the bourses after the promoters of Hindustan Unilever (HUL) made an open offer to acquire over 20% stake in the company at huge premium. HUL has rallied almost 20% to Rs 597 on the Bombay Stock Exchange (BSE).
Unilever PLC along with Unilever N.V. has made a voluntary open offer to acquire 487 million equity shares representing 22.52% of the total voting share capital from the public shareholders of HUL at a price of Rs 600 per share. The open offer price is 20.51% higher than its Monday closing price on BSE.
Besides, HUL, ITC has rallied almost 4% to Rs 336, also its lifetime high on BSE. Nestle India, Dabur India, Colgate Palmolive, Nestle India and Godrej Consumer Products are also trading higher in the range of 2-5% compared to 0.83% rise in benchmark Sensex at 0926 hours.
The BSE FMCG index, the largest gainer among sectoral indices, surged 5.5% or 344 points at 6,601. The index is trading at its lifetime high value.
