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HUL shares zoom 20% on open offer by Unilever

The market capitalisation of the company soared by Rs 17,296 crore to Rs 1,24,900 crore.

Written by PTI | Mumbai | Published: April 30, 2013 9:47 am

Shares of Hindustan Unilever today shot up by 20 per cent to touch a one-year high level,after the FMCG major’s parent company Unilever Plc announced it will spend USD 5.4 billion to raise stake in it to 75 per cent.

Following the news,shares of the company opened higher and further jumped 19.97 per cent to Rs 597 – its 52-week high on the BSE.

At the NSE,the scrip skyrocketed by 20 per cent to a 52-week high of Rs 597.

The stock was the top gainer among the blue-chips on both Sensex and Nifty during morning trade.

The market capitalisation of the company soared by Rs 17,296 crore to Rs 1,24,900 crore.

Unilever will pay Rs 600 a share in an open offer to raise its stake in Hindustan Unilever to 75 per cent from the current 52.48 per cent,the company said in a filing to the stock exchanges.

The price is 21 per cent higher than the stock’s closing price of Rs 497.35 yesterday.

The world’s second-largest consumer goods company “is making a voluntary open offer to acquire 487,004,772 shares representing 22.52 per cent of the total Voting Share Capital from the public shareholders of Hindustan Unilever Ltd”,it said.

Uptick in the stock sharply outperformed the sluggish stock market where the BSE benchmark Sensex was trading at 19,368.19,down 19.31 points at 1131 hrs.

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