Tilaknagar Industries soars 20% on buyout report

According to reports, the Kishore Chhabria-controlled Allied Blenders & Distillers has entered the final round of negotiations to acquire a controlling stake in the company.

Shares of Tilaknagar Industries are locked at the upper circuit of 20% at Rs 21.20 on reports that the Kishore Chhabria-controlled Allied Blenders & Distillers (ABD) has entered the final round of negotiations to acquire a controlling stake in the company.

Chhabria and Amit Dahanukar, chairman & managing director of Tilaknagar Industries, are slated to meet in London on Monday to finalise the deal, the Business Standard report suggests. CLICK HERE TO READ FULL REPORT.

Earlier in March this year, Tilaknagar Industries, the owner of Mansion House brandy, in clarification on a news report titled "South Africa firm in talks to buy Tilaknagar brands", said that given the nature of the company’s business, sector dynamics and to make business progress, the company at several time points is exploring various types of business associations, tie-ups, relationships etc. across players in the domestic and international markets, which may or may not fructify.

Should there be any material development that requires us by law to make any formal statement in any manner in connection with any such activity that may transpire, the Company will comply, share and make the announcements at the appropriate time in line with the best practices disclosure guidelines, the company had added.

Meanwhile, the stock hit a 52-week low of Rs 17.40 on Friday, July 3, tanking 71% in the past one year from Rs 59.35 on July 4, 2014 on the BSE.

Till 0951 hours, a combined 280,776 shares changed hands and there were pending buy orders for around 2.01 million shares on the BSE and NSE.