Stovec slumps on 'disappointed' open offer

Stovec Industries is down 5% at Rs.939.95 , with an intra day low at Rs.935.

The stock is painted a deep hue of red as the market is very disappointed with the ‘discounted’ offer price of Rs.566.90/share. This open offer started today, initiated by Netherland based firms - Print II BV along with SPG Prints Group BV and SPG Prints BV. They want to acquire 26% stake in the company were promoters holding is 71%.

Interestingly, they want to buy 5.42 lakh shares when 5.31 lakh shares is owned by some 6000 individual shareholders.

Stovec, an Ahemedabad based company is engaged in production and marketing of nickel perforated rotary screens, machinery and components for textile printings, anilox rollers and sugar and rota-mesh screens. The company operates in three segments: textile machinery and consumables, graphics consumables and galvanic.