Granules India, which had closed on Friday at Rs.412.45, opened itself higher at Rs.423 and rose further to hit a new high at Rs.438. It is currently trading at Rs.427 levels.
The stock price has surged on unconfirmed reports that PE firm, Carlyle group is at an advanced stage of talks to acquire the company. The price of acquisition being quoted is around $1 billion.
The news is that Carlyle is looking to buy 42% stake of the promoters, which in turn means there will be an open offer triggered.
The same rumours had surfaced in Sept also and at that time, the company had issued a clarification, neither refuting nor confirming this news.