Tide Water Oil surges 15% on heavy volumes

The board has approved the pre-dealing application form received from Standard Greases and Specialities, joint promoter in connection with further acquisition of 174,240 equity shares of the company.

Tide Water Oil (India) has moved higher by 15% to Rs 6,437 on BSE in noon deals after the company announced that it has approved the pre-dealing application form received from Standard Greases and Specialities, joint promoter in connection with further acquisition of 174,240 equity shares or 5% stake of the company.

At 12:59 PM; the stock was up 10% at Rs 6,190 on BSE, as compared to 0.65% rise in the S&P BSE Sensex. A combined 75,273 shares changed hands on the counter so far against an average sub-2,000 shares were traded daily in past two weeks on BSE and NSE.

“The company received an application for pre-dealing approval, along with necessary undertaking, from Standard Greases and Specialities, joint promoter in connection with further acquisition of 174,240 equity shares or 5% stake of the company,” Tide Water Oil said in a BSE filing on Friday, September 15, after market hours.

The board of directors at its meeting held on Saturday, September 16, has approved the pre-dealing application form.

“The transaction shall be completed on or before 22nd September 2017 that is within 5 trading days from today failing which a fresh application for pre-clearance of the said transaction will have to be made to the undersigned,” it added.

As of June 30, 2017, Standard Greases and Specialities Private Limited hold 964,996 shares or 27.69% stake in Tide Water Oil, the shareholding pattern data shows.