Gokaldas Exports shares gain 12%

MUMBAI: Shares of Gokaldas Exports surged 12% Tuesday after global private equity major Blackstone Group agreed to acquire the garment manufacturer for Rs 676 crore.

At 10:39 am, the Gokaldas Exports share climbed 11.89% to Rs 255.90. So far, it has seen a high of Rs 274.40 and low of Rs 251.60 with volume traded at 3,67,424 shares against the two-week average of 47,813.

Blackstone has made a public offer to acquire up to 68,75,200 equity shares representing 20% of the capital at Rs 275 per share. The offer opens October 7 and closes October 24.

Gokaldas Exports reported a net profit of Rs 10.52 crore and sales of Rs 261 crore for the quarter ended June 30, 2007.