Hindustan Dorr-Oliver spurt 5 per cent after turnkey construction major IVRCL Infrastructures said it has agreed to acquire the promoter's 70 per cent stake in Hindustan Dorr-Oliver for Rs 53.90 crore.
The scrip closed at Rs 152.55 on the back of volumes of more than 37,000 on BSE. The stock hit a new high of Rs 156.15 in intra-day trades on NSE on Wednesday.
A sharp rise in the scrip price suggests that the market had an inkling of the deal in advance. From Rs 73 on March 1, 2005, the stock went up to Wednesday's high of Rs 156, appreciating more than 113 per cent in a short span of time.
IVRCL Infrastructures & Projects announced acquiring 70 per cent equity of the company from Jumbo World Holdings for Rs 53.9 crore. IVRCL Infrastructures will be making an open offer to other shareholders of HDO for acquiring a minimum of 20 per cent stake in compliance with Sebi norms for Rs 150 per share.
Hind Dorr jumps up on sellout to IVRCL Infra
DALAL STREET SPIKES
Our Markets Bureau / Mumbai Apr 28, 2005, 23:38 IST
Content Guide
