Rhodia Specialty Chemicals is trading lower by 5% or Rs 20 at Rs 389 on the Bombay Stock Exchange after the company proposed an open offer.
The company, in a filing to the BSE, said that Morgan Stanley India Company Private Ltd on behalf of Solvay Participations France S.A.S, Solvany S.A. and Solvay Finance France S.A will collectively acquire fully paid-up equity shares in an open offer priced at Rs 386.72 a share.
The stock opened at Rs 400 and touched a low of Rs 389 thus far. The trading volumes on the counter surged more than five times as 7,974 shares changed hands compared to the two-week average of 1,986 shares.
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