Thinksoft hits upper circuit, again!

For the third consecutive day, Thinksoft Global has been locked at the 10% upper circuit. Today, it opened 10% higher and was immediately locked at Rs.234.90, which is a new 52-week high. Over 1.55 lakh pending buy orders remained on the counter.

The stock has been hitting the circuit ever since it announced on 8^th Nov that its Germany based company, SQS Software Systems AG (SQS) has made an open offer at a price of Rs 260/share.  SQS will be acquiring 30% of the paid up capital after it signed a definitive agreement to acquire a majority stake in Thinksoft for a total consideration of Rs 148 crore. As per the agreement, promoters who currently hold 53.67% stake will be selling 26% of their stake at the same price of Rs.260/share.