HUL is the bright star today!
By
Research Desk
about 11 years ago
The entire FMCG pack is up, led by HUL. The stock hit a new 52-week high today at Rs.597 and even now remains strongly in the green, up 16%. Volumes have increased over 6 times.
The stock is in the limelight after the Anglo-Dutch parent company, Unilever Plc announced buying back of 22.52% of HUL at Rs.600/share, which is at a premium of about 21% over Monday's closing price. The offer has been made to help promoters increase their stake from current 52.48% to 75%. The offer, payable in cash, is expected to begin in June 2013 and at $5.4 billion would be the largest equity offer ever in India.