Shanthi Gears up 5% on takeover plans by Tube Investments
Shanthi Gears surged and was locked in upper circuit at Rs 63.15 on reports that Tube Investments has emerged as the successful suitor to acquire the company.
By ET Online | Updated:
NEW DELHI: Shanthi Gears Ltd surged 5 per cent in early trade on Friday and was locked in upper circuit at Rs 63.15 on reports that Tube Investments of India has emerged as the successful suitor to acquire the Coimbatore-based company.
"The Chennai-based Murugappa group company will buy the entire 44.12 per cent stake from Shanthi Gears’ promoter, Mr Subramanian, for about Rs 292 crore," media reports said.
"Tube Investments will acquire about 3.60 crore shares owned by Mr Subramanian in the Coimbatore-based gear and gear box manufacturer at Rs 81 a share," said the report.
The stock has gained over 90 per cent so far in 2012.
"The Chennai-based Murugappa group company will buy the entire 44.12 per cent stake from Shanthi Gears’ promoter, Mr Subramanian, for about Rs 292 crore," media reports said.
"Tube Investments will acquire about 3.60 crore shares owned by Mr Subramanian in the Coimbatore-based gear and gear box manufacturer at Rs 81 a share," said the report.
The stock has gained over 90 per cent so far in 2012.
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