Tide Water Oil climbs for fifth session amid open offer

NEW DELHI: Extending its gains to the fifth trading session, Tide Water Oil closed with gains of 1.17 per cent at 17,842 on Thursday amid reports a hostile bid to acquire the business by a group of financial firms. Tide Water Oil is a subsidiary of Andrew Yule and into

Standard Greases and Specialities along with Janus Consolidated Finance, Alpha TC Holdings and Tata Capital Growth Fund came up with an open offer on Tuesday to acquire up to 2.265 crore shares, or 26 per cent stake, in the company. The offer price has been fixed at Rs 16,632 a share.

As of Tuesday, Standard Greases and Specialities and Janus collectively held 2,17,234 fully paid-up equity shares of Tide Water Oil, representing 24.935 per cent of its voting share capital.

The scrip, which has been seeing good buying of late, climbed 3.24 per cent on Wednesday. It rose another 2 per cent in trade on Thursday to hit its day’s high of Rs 18,011.

Data available with BSE showed domestic institutional investors (DIIs) held 62.53 per cent stake in the company as of June 30. LIC and United India Insurance held 4.22 per cent and 6.88 per cent, respectively. Some media reports suggest the company has got support from the existing DIIs.

A 26 per cent stake in the Andrew Yule company is valued near Rs 400 crore at current market price. The stock has jumped 17 per cent in the past one month and nearly 13 per cent in the five sessions to Thursday.