Open offer buzz boosts Shaw Wallace

DALAL STREET SPIKES

Shaw Wallace stock hit a new 52-week high on BSE on Thursday. The stock of liquor company closed at 10 per cent upper circuit of Rs 204.15 on huge volumes of more than 14.9 lakh shares on BSE alone.

The buzz in the market was that Vijay Mallya-promoted UB group would make an open offer going forward at a premium to the current market price. A block deal of 4.3 lakh shares was also said to have struck the counter on Thursday, but it could not be confirmed.

From a low of Rs 136.90 on 31 January, 2005, the stock has jumped 49 per cent in just a few trading sessions. From Rs 62.50 on 9 August, 2004, it has gained a massive 226.6 per cent.

Shaw Wallace's liquor business has been put on the block and among the bidders are the UB group, private equity group Newbridge Capital, UK based Whyte & Mackay and Komal Chhabria Wazir, the second daughter of Manu Chhabria.