Hindustan Unilever (HUL) has rallied 19% to Rs 594, also its lifetime high on BSE, after Unilever PLC, the promoter of the company made an open offer to acquire 22.52% stake in the fast moving consumer goods (FMCG) company at price of Rs 600 per share. The open offer price is 20.51% higher than its Monday closing price on the BSE.
“Unilever PLC along with Unilever N.V. is making a voluntary open offer to acquire 487 million equity shares representing 22.52% of the total voting share capital from the public shareholders of Hindustan Unilever Limited at a price of Rs 600 per share,” HSBC Securities and Capital Markets (India), the manager of the open offer said on behalf of the company.
The promoters are planning to raise stake in HUL to 75%. The open offer to buy stake in HUL may start in June.
Currently, the promoters held 52.48% stake in HUL. Foreign Institutional Investors (FIIs) held 22.11% stake, followed by individual shareholders (13.94%) and domestic institutional investors (8.06%), while the remaining 3.41% stake are with bodies corporate and others.
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