Hindustan Unilever (HUL) has rallied 4% to Rs 622 after its parent company Unilever said it has acquired 14.8% stake against target of 22.5% in Indian unit on closing of open offer.
About 320 million shares were tendered by investors for the 487-million-share open offer, taking Unilever's holding in the unit to 67.28% from 52.48%, the media report suggests.
Unilever will have to pay Rs 19,202 crore to investors at Rs 600 per share. As of now there are no details about the investors who have taken part in the open offer.
Unilever had planned to pay up to Rs 29,200 crore to increase its stake in HUL to 75%, the maximum a promoter can own in a listed company.
The stock opened at Rs 622 and touched a record high of Rs 632 on BSE. A combined around 2 million shares have changed hands on the counter in early morning deals on BSE and NSE.
About 320 million shares were tendered by investors for the 487-million-share open offer, taking Unilever's holding in the unit to 67.28% from 52.48%, the media report suggests.
Unilever will have to pay Rs 19,202 crore to investors at Rs 600 per share. As of now there are no details about the investors who have taken part in the open offer.
Unilever had planned to pay up to Rs 29,200 crore to increase its stake in HUL to 75%, the maximum a promoter can own in a listed company.
The stock opened at Rs 622 and touched a record high of Rs 632 on BSE. A combined around 2 million shares have changed hands on the counter in early morning deals on BSE and NSE.
