The stock was locked at an upper circuit limit of 5 per cent to Rs 114 after the company said its board will meet on 1 December to consider a proposal from Pramod Jain to acquire 25 per cent stake in the company.
On 13 November, Pramod Jain, a minority shareholder with 6.47 per cent stakes, made an open offer to acquire 25 per cent stake in the Sanjay Dalmia-promoted company, a move that could possibly open a clash for management control. Jain made an open offer to acquire 44.02 lakh shares at Rs 101 each.
