Anglo-Dutch company Unilever Plc, along with Unilever NVwill acquire about 487 million shares, or 22.52 percent, of Hindustan Unileverin a deal valued at about USD 5.4 billion.
The parent company will buy Hindustan Unilever shares for Rs 600 rupees (about $11) each, 20.6 percent premium to the Monday's closing price, the manager to the offer HSBC Securities and Capital Markets
informed the stock exchanges on Tuesday.
Following the announcement, the HUL stock moved up 20 percent in the morning trade. It touched a new 52-week high of Rs 596.65 on NSE on Tuesday. Unilever directly and through other firms like Brooke Bond Group, Unilever Overseas Holdings, Unilever UK & CN Holdings among others currently holds 52.47 percent stake in HUL and its stake can go up to 75 percent if the open offer is successful.
(With inputs from Reuters)
The parent company will buy Hindustan Unilever shares for Rs 600 rupees (about $11) each, 20.6 percent premium to the Monday's closing price, the manager to the offer HSBC Securities and Capital Markets
informed the stock exchanges on Tuesday.
Following the announcement, the HUL stock moved up 20 percent in the morning trade. It touched a new 52-week high of Rs 596.65 on NSE on Tuesday. Unilever directly and through other firms like Brooke Bond Group, Unilever Overseas Holdings, Unilever UK & CN Holdings among others currently holds 52.47 percent stake in HUL and its stake can go up to 75 percent if the open offer is successful.
(With inputs from Reuters)
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