Schneider Electric Infra soars on open offer by parent company

The promoters have made an open offer for acquisition of up to 62.17 million equity shares at price of Rs 83.10 per share.

Schneider Electric Infrastructure has soared 9% to Rs 99 after its promoters have made an open offer to acquire additional 26% stake at price of Rs 83.10 per share.

“Schneider Electric Singapore Pte Ltd, the parent company along with persons acting in concert have made an open offer to the shareholders of Schneider Electric Infrastructure for acquisition of up to 62.17 million equity shares of face value of Rs 2 each, representing 26% of the total equity capital of the company, at a price of Rs 83.10 per equity share,” DSP Merrill Lynch the manager of the offer, said in filing on behalf of the company.

 

The promoter held 73.4% stake in heavy electric equipment maker as on June 30, 2012. Individual shareholders held 10.33% stake, followed by venture capital funds (8.68%), mutual funds (4.04%) and bodies corporate (2.56%).

The stock opened at Rs 92.80 and hit a record high of Rs 104.65 on the National Stock Exchange. As many as a combined 1.04 million shares have already changed hands on the counter in early morning trades against an average sub 0.50 million shares that were traded daily in pas two weeks.