Nirlon on a roller coaster ride!
By
Research Desk
about 9 years ago
Nirlon is on a really wild roller coaster ride today. The stock opened some Rs.7 higher and went on to hit a new 52-week high at Rs.204 with over 4 times surge in volumes. Since then the stock began to slip and it is now in the red, down almost 2% at Rs.189.45.
The stock surged on news that Singapore sovereign wealth fund, GIC ‘s arm Reco Berry will be acquiring 34.2% stake in the company at Rs.222/share. This has now triggered off an open offer and Reco Berry has made has made an open offer to acquire additional 28.4% shareholding of Nirlon at the same price of Rs 222 a share. If and when the open offer concludes, Reco Berry will end up with a 62.6% stake in Nirlon.