Cimmco surges on open offer from Titagarh Wagons

On open offer from Titagarh Wagons to acquire over 25% stake in the company

Shares of Cimmco were locked in 5% upper circuit on the BSE at Rs 18.50 following an open offer from Titagarh Wagons to acquire over 25% stake in Cimmco.

This Open Offer is being made by the Titagarh Wagons along with Cimmco Equity Holdings Pvt Ltd for acquisition of 50,53,181 fully paid equity shares of Rs. 10/- each constituting 25.08% of the paid up equity and voting share capital of Cimmco Ltd.

An Offer Price of Rs. 15.50 per equity share of Cimmco Ltd will be offered for the shares tendered during the tendering period.

Assuming full acceptance the total consideration payable by Titagarh Wagons along with Cimmco Equity Holdings will be Rs. 7,83,24,306/-, Cimmco said in a release to the BSE.