Tinplate soars on successful open offer by Tata Steel

Tinplate Company of India has soared 13% to Rs 56.25 after its promoter Tata Steel acquired additional 14% stake of the company for Rs 87.92 crore through open offer.

“Tata Steel increased its holding in the company to 73.44% from 59.44% by purchasing 14.65 million shares at price of Rs 60 per share via open offer,” Tinplate Company of India said in a filing.

The stock opened at Rs 51.95 and hit a high of Rs 56.90 on the NSE. A combined 1.19 million shares have changed hands on the counter so far on both the exchanges.