 "Phoenix Lamps surges on open offer by Suprajit Engineering")
Shares of Phoenix Lamps have surged 10% to Rs 121 on the BSE in an otherwise weak market after Suprajit Engineering made an open offer to acquire 26% stake in the company at a price of Rs 100 per share.
The stock opened at Rs 110 and hit a high of Rs 124 on the BSE. The counter has seen huge trading volumes, with 278,000 shares changing hands till 1052 hours against an average 45,000 shares that were traded daily in the past two weeks on the BSE.
On May 6, 2015, Suprajit Engineering had announced that the board of directors of the company approved the proposal of acquiring 51 % to 61.88% in the equity capital of Phoenix Lamps from the promoters - Argon India, Mauritius & Argon South Asia, Mauritius, at an agreed price of Rs 89 per share of Rs 10 each.
As of March 2015, the promoters held 61.88% stake in Phoenix Lamps, individual shareholders held 27.63%, followed by bodies corporate (5.62%), non-resident Indians (2.6%) and foreign institutional investors (2.2%).
Meanwhile, shares of Suprajit Engineering were up 2% at Rs 123 on the BSE.
The stock opened at Rs 110 and hit a high of Rs 124 on the BSE. The counter has seen huge trading volumes, with 278,000 shares changing hands till 1052 hours against an average 45,000 shares that were traded daily in the past two weeks on the BSE.
On May 6, 2015, Suprajit Engineering had announced that the board of directors of the company approved the proposal of acquiring 51 % to 61.88% in the equity capital of Phoenix Lamps from the promoters - Argon India, Mauritius & Argon South Asia, Mauritius, at an agreed price of Rs 89 per share of Rs 10 each.
As of March 2015, the promoters held 61.88% stake in Phoenix Lamps, individual shareholders held 27.63%, followed by bodies corporate (5.62%), non-resident Indians (2.6%) and foreign institutional investors (2.2%).
Meanwhile, shares of Suprajit Engineering were up 2% at Rs 123 on the BSE.
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%