Welspun India has frozen upper circuit of 5% at Rs 49.60 after promoters of the company proposed to make an open offer to acquire additional 23.17 million shares of the company at price not exceeding Rs 54 per share.
“Krishiraj Trading Limited along with Welspun Mercantile Limited (Acquirer), being promoters of Welspun India Limited proposes to acquire 23.16 million shares, representing 26% of the expanded share capital at price of Rs 54 per share,” the company said in a filing to the stock exchange.
On May 24, 2012, the Acquirer, proposed to place a purchase order with Prime Broking Company to acquire up to 5 million fully paid up equity shares of the company, representing up to 5.61% of the current voting share capital, at a price not exceeding Rs 54/- per equity share.
This is mandatory offer made by the acquirer, as it proposed to acquire more than 5% of the current voting share capital in one financial year.
A combined 37,887 shares have changed hands on the counter till early noon deals and there are pending buy orders for 52,364 shares on the NSE and BSE.
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