Radico Khaitan hits the roof
By
Research Desk
about 11 years ago
Radico Khaitan is buzzing loud and strong today. The which had closed yesterday at Rs.119.75, rose up 5% as soon as it opened for trading at Rs.125.70 and was frozen at this upper circuit. Volumes are huge, up over 6 times at over 6 lakh shares.
The stock hit the roof on unconfirmed news that the company is close to selling 26% stake to Japan's oldest liquor company, Suntory Holdings. The news is that Suntory might pay around Rs.870 crore, valuing the company at Rs.3500 crore, which is over two times its current market cap of Rs.1670 crore. The news is also that the deal will be struck now to sell another 23% stake later.