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Tide Water Oil surges 15% on heavy volumes

The board has approved the pre-dealing application form received from Standard Greases and Specialities, joint promoter in connection with further acquisition of 174,240 equity shares of the company.

SI Reporter  |  Mumbai 

Tide Water Oil manufactures and markets Veedol

has moved higher by 15% to Rs 6,437 on BSE in noon deals after the company announced that it has approved the pre-dealing application form received from Standard Greases and Specialities, in connection with further acquisition of 174,240 equity shares or 5% stake of the company.

At 12:59 PM; the stock was up 10% at Rs 6,190 on BSE, as compared to 0.65% rise in the S&P BSE Sensex. A combined 75,273 shares changed hands on the counter so far against an average sub-2,000 shares were traded daily in past two weeks on BSE and NSE.

“The company received an application for pre-dealing approval, along with necessary undertaking, from Standard Greases and Specialities, in connection with further acquisition of 174,240 equity shares or 5% stake of the company,” Tide Water Oil said in a BSE filing on Friday, September 15, after market hours.

The board of directors at its meeting held on Saturday, September 16, has approved the pre-dealing application form.

“The transaction shall be completed on or before 22nd September 2017 that is within 5 trading days from today failing which a fresh application for pre-clearance of the said transaction will have to be made to the undersigned,” it added.

As of June 30, 2017, Private Limited hold 964,996 shares or 27.69% stake in Tide Water Oil, the shareholding pattern data shows.

First Published: Mon, September 18 2017. 13:02 IST
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