HUL set to surge as parent announces voluntary open offer
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.
By ET Online |
MUMBAI: Shares of Hindustan Unilever are set to open with a gap-up after promoters Unilever PLC announced voluntary open offer to acquire 48.7 crore shares in the company.
Unilever Plc's open offer for Rs 600 per share is at 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.
The stock ended at Rs 497.60, up 6.98 per cent, on the BSE on Monday after announcing growth in volume and operating margins.
According to analysts, the stock is likely to surge to Rs 580-600 in the near term.
Unilever Plc's open offer for Rs 600 per share is at 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.
The stock ended at Rs 497.60, up 6.98 per cent, on the BSE on Monday after announcing growth in volume and operating margins.
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According to analysts, the stock is likely to surge to Rs 580-600 in the near term.
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