Lloyds Steel Industries has hit the upper circuit of 5% at Rs 10.61 after Miglani Group made open offer for buying 26% stake in the company at Rs 11.65, translating into a 10% premium to the current price.
“Ultimate Logistics Solutions Private Limited and Metallurgical Engineering and Equipments Limited along with Ushdev International Limited made the offer for the acquisition of at least 271.57 million equity shares or 26% of the emerging voting capital as of the Lloyds Steel Industries post preferential allotment at a price of Rs 11.65 per share,” Centrum Capital, the manager of open offer said on behalf of Lloyds Steel in a filing.
A combined 117,225 shares have changed hands on the counter in morning trades. There are pending buy orders for 1.22 million shares on the BSE and NSE.
