Hindustan Unilever (HUL) is trading flat at Rs 590 after Unilever Plc’s $5.4 billion (approximately Rs 29,380 crore) open offer to increase stake in its Indian arm began today. The open offer will close on July 4.
The stock opened at Rs 593 and hit a low of Rs 589 in intra-day deals on the Bombay Stock Exchange (BSE). A combined 2.4 million shares had already changed hands on the counter till 1100 hours, as against an average 1.5 million shares that were traded daily in past two weeks.
In a statement from London, the Unilever said the open offer price is fixed at Rs 600 apiece, but added that the company will offer a Rs 6 dividend per share, the PTI report suggests. The parent company proposed to acquire 487 million shares representing 22.52% of the total equity capital. Currently, Unilever holds 52.48% in HUL and post open offer it will go up to 75%.
The stock opened at Rs 593 and hit a low of Rs 589 in intra-day deals on the Bombay Stock Exchange (BSE). A combined 2.4 million shares had already changed hands on the counter till 1100 hours, as against an average 1.5 million shares that were traded daily in past two weeks.
In a statement from London, the Unilever said the open offer price is fixed at Rs 600 apiece, but added that the company will offer a Rs 6 dividend per share, the PTI report suggests. The parent company proposed to acquire 487 million shares representing 22.52% of the total equity capital. Currently, Unilever holds 52.48% in HUL and post open offer it will go up to 75%.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%