Fulford (India) has hit the upper circuit of 10% at Rs 771 after its promoter, Dashtag, along with Merck & Co Inc made an open offer to acquire additional stake in the company at a price of Rs 830 per share.
“Dashtag along with Merck & Co., Inc. have made voluntary open offer for acquisition of up to 821,913 equity shares of face value of Rs 10 each of the Fulford India Ltd representing 21.07% of the total fully diluted voting equity share capital of the company at a price of Rs 830 per equity share,” Morgan Stanley India Company said in a filing on a behalf of Dashtag.
Dashtag, the promoter, holds 53.93% stake in the company as on June 30, 2012. Individual shareholders hold 25.79%, followed by mutual fund and UTI (11.62%), bodies corporate (6.13%) and foreign institutional investors (1.26%).
The stock opened at Rs 709, and hit the upper limit of the day, after the announcement. Around 6,270 shares have changed hands on the counter and there are pending buy orders for 24,958 shares on the Bombay Stock Exchange.
