Bajaj Hindusthan on a roll over UP mill takeover

DALAL STREET SPIKES

The largest sugar manufacturer in the country, Bajaj Hindustan surged by 6.06 per cent on Tuesday to Rs 200.25 after it struck a deal to acquire the promoters stake of 55 per cent in Pratappur Sugar and Industries.

Bajaj Hindustan will acquire the stake at a 23 per cent discount to Monday's closing price of the scrip on BSE (Rs 71.60).

After an initial surge following the announcement of acquisition, the Pratappur Sugar scrip cooled off as the details of the deal filtered into market. It had touched a high of Rs 85.90 in the morning trades.