Jyoti Limited surges on open offer

Lavjibhai Dungarbhai Daliya and Anjani Residency Private Limited made an open offer at a price of Rs 63 per share.

Shares of Jyoti Limited are locked at the upper circuit of 20% at Rs 76.20 on the BSE after Lavjibhai Dungarbhai Daliya and Anjani Residency Private Limited made an open offer to acquire a controlling stake in the company at a price of Rs 63 per share.

“Lavjibhai Dungarbhai Daliya and Anjani Residency Private Limited have made an open offer to acquire 12.85 million equity shares of Rs 10 each, representing 75% of total equity of Jyoti Limited at the offer price of Rs 63 per share,” Inga Capital Private Limited, the manager of the open offer said in a BSE filing.

As of March 2015, the promoters held 32.66% stake in the Vadodara-based Jyoti Ltd. Bodies corporate held 32.20% stake, followed by individual shareholders (20.94%), foreign institutional investors (9.75%), and financial institutions (3.83%), shareholding pattern data shows.

Till 0930 hours, around 5,272 shares changed hands on the counter against an average 2,527 shares that were traded daily in the past two weeks. There were pending buy orders for 220,861 shares on the BSE.