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Shares of Phoenix Lamps have surged 10% to Rs 121 on the BSE in an otherwise weak market after Suprajit Engineering made an open offer to acquire 26% stake in the company at a price of Rs 100 per share.
The stock opened at Rs 110 and hit a high of Rs 124 on the BSE. The counter has seen huge trading volumes, with 278,000 shares changing hands till 1052 hours against an average 45,000 shares that were traded daily in the past two weeks on the BSE.
On May 6, 2015, Suprajit Engineering had announced that the board of directors of the company approved the proposal of acquiring 51 % to 61.88% in the equity capital of Phoenix Lamps from the promoters - Argon India, Mauritius & Argon South Asia, Mauritius, at an agreed price of Rs 89 per share of Rs 10 each.
As of March 2015, the promoters held 61.88% stake in Phoenix Lamps, individual shareholders held 27.63%, followed by bodies corporate (5.62%), non-resident Indians (2.6%) and foreign institutional investors (2.2%).
Meanwhile, shares of Suprajit Engineering were up 2% at Rs 123 on the BSE.
The stock opened at Rs 110 and hit a high of Rs 124 on the BSE. The counter has seen huge trading volumes, with 278,000 shares changing hands till 1052 hours against an average 45,000 shares that were traded daily in the past two weeks on the BSE.
On May 6, 2015, Suprajit Engineering had announced that the board of directors of the company approved the proposal of acquiring 51 % to 61.88% in the equity capital of Phoenix Lamps from the promoters - Argon India, Mauritius & Argon South Asia, Mauritius, at an agreed price of Rs 89 per share of Rs 10 each.
As of March 2015, the promoters held 61.88% stake in Phoenix Lamps, individual shareholders held 27.63%, followed by bodies corporate (5.62%), non-resident Indians (2.6%) and foreign institutional investors (2.2%).
Meanwhile, shares of Suprajit Engineering were up 2% at Rs 123 on the BSE.
