(formerly Shree Ram Mills) is frozen at the upper circuit limit of 10% at Rs 168 after its promoters proposed to acquire an additional 20% stake in the company through an open offer.
“Hanumesh Realtors, Mandakini Hospitality and Yashaswini Leisure proposed to acquire 8.23 million fully paid-up equity shares of face value of Rs 10 each, constituting 20% of the emerging voting capital of the company, at a price of Rs 147 per fully paid-up equity share aggregating Rs 121 crore from shareholders other than existing promoter group,” the company said in a filing to the stock exchanges.
The open offer starts on September 14, 2011 and ends on October 3, 2011. Aryaman Financial Services is the lead manager to the offer.
Around 4,508 shares have changed hands on the counter on the BSE.
