Tata Investment Corporation hit 20 per cent upper circuit early on Monday after Tata Sons made an open offer of Rs 600 per share to public share holders to acquire additional 29.29 per cent stake.
At 10:06 am, Tata Investment was at Rs 540.10, up Rs 90 with volume of 1550 shares. The open offer is at 33 per cent premium to the share’s closing price of Rs 450 on Friday on the Bombay Stock Exchange.
This price is also well in excess of the minimum price of Rs 439 based on SEBI formula, as per the announcement on the BSE website. Tata Sons and other Tata companies currently hold 60.61 per cent in Tata Investment Corporation.
This will not result in de-listing the company's shares from the stock exchange.
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