The shares of Indo Gulf Fertilisers went up 14.29 per cent to close at Rs 67.60 on the open offer made by the A V Birla group.
The scrip opened at Rs 60.95 and went to a high of Rs 70.50 in intra-day trades.
On the BSE, 3.6 lakh shares were traded and on the NSE 7.5 lakh shares were traded.
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The Birlas have made an open offer for a 20 per cent stake in the fertiliser company at a price of Rs 75 per share, which means a premium of nearly 30 per cent to the prevailing market price.
The news triggered a rally across other fertiliser stocks. Fertiliser scrips have been on the uptrend in recent times primarily due to the good start of monsoons, on which the fortunes of the sector depends.
The combined market cap of 23 fertiliser companies surged nearly 8 per cent to Rs 8,369.03 crore from Rs 7,754.53 crore on BSE in the last one month.