Piramyd Retail sizzles on open offer

DALAL STREET SPIKES

Piramyd Retail jumped 10 per cent from its previous close of Rs 103.05, to be locked in the upper circuit at Rs 113.35. Over 1.17 lakh shares were traded on the counter.

The rally followed Indiabulls Wholesale Services' open offer to acquire a 20 per cent stake. The former, a subsidiary of Indiabulls Real Estate, plans to buy a stake close to 64 per cent in in Piramyd Retail. The stock of Piramyd has provided returns of a whopping 120 per cent over the past one month.