Tilaknagar Inds gets heady
By
Research Desk
about 9 years ago
On the 3rd of July, Tilaknagar Industries had hit a new 52-week low at Rs.17.40 and today, the moment it opened up for trade, it hit the 20% upper circuit at Rs.21.20.
The reason? There is a buzz, unconfirmed, that the Chhabria controlled Allied Blenders is close to acquire a controlling stake in the company, around 55% stake. It is rumoured to be in the final rounds of negotiations.
News is that, to cash-in on the brand equity of its Mansion House, the company could be asking a price of Rs.50-60/share and that’s a huge premium over the current price. The promoters, on selling stake, could issue shares on a preferential basis to the Chhabria’s and this in turn would trigger off an open offer to the shareholders of Tilaknagar.