HUL rallies 10% in pre-open trade on open offer report

MUMBAI: Hindustan Unilever surged 10 per cent in pre-market trade as investors rushed to buy the stock after the promoters announced voluntary open offer to acquire 48.7 crore shares in the company.

Unilever Plc has made an open offer of Rs 600 per share, a premium of over 20 per cent to HUL’s closing price of on Monday.

The promoters are planning to raise stake in HUL to 75 per cent from 52.48 per cent. The open offer to buy stake in HUL may start in June. The potential value for the deal is at 4.1 billion euros.

The open offer will be managed by HSBC.

Unilever and subsidiaries own 52.48 per cent stake in HUL.

At 09:05 a.m, the stock was at Rs 547.35, up 10 per cent, on the BSE.