Tide Water surges on open offer from Standard Greases & Specialities

Standard Greases & Specialities made an offer to acquire 226,512 shares translating to 26% of Tide Water Oil's equity

Shares of Tide Water Oil have surged 5.6% to Rs 18,000 after Mumbai-based lubricant maker, Standard Greases & Specialities launched an open offer to Tide Water Oil Company (India), promoted by public sector company Andrew Yule. CLICK FOR FULL STORY

Standard Greases & Specialities made an offer to acquire 226,512 shares translating to 26% of Tide Water Oil's equity. The offer price is Rs 16,632 a share, which sums up to nearly Rs 376 crore.

Standard Greases already holds a 23.24% stake in Tide Water, while Janus Consolidated Finance Private  holds 1.69%.

The stock opened at Rs 17,249 and touched a high of Rs 18,300 on the BSE. A total of 1,681  shares changed hands on the BSE so far.