Hindustan Unilever opened with a 15% gap-up at Rs.570 after Unilever plc announced their intention to raise their stake in Hindustan Unilever.
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 hgher than the stock’s closing price of Rs 497.35 on Monday.
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.
The shares of Hindustan Unilever touched Rs.594,a life-high, in early trading on NSE with a volume of 11.52 lac shares within 5 minutes of market opening.
Shares of other FMCG companies like Dabur,Emami, Godrej Consumer Products, also rose significantly.