Millennium Post

Unilever’s stake hike places HUL stock on roller-coaster

Surging over 5 per cent in intra-day trade on Friday, HUL scrip finally ended over 1 per cent higher after Anglo-Dutch consumer goods giant Unilever Plc increased stake in the Indian arm to 67.28 per cent. The FMCG major's scrip ended the day with a gain of 1.40 per cent at Rs 609.15 on the BSE. During intra-day trade, the stock had jumped 5.19 per cent to Rs 631.95 - 52-week high.

At the NSE, the scrip settled at Rs 609.40, up 1.33 per cent from its previous close.

'FMCG major HUL's parent increased its stake in the company to 67.28 per cent via an open offer. The increase in stake at near life-time high price reinforces the promoters' interest in the company and its future potential,' said Nagji K Rita, Chairman & MD, Inventure Growth & Securities. The company fell short of its target as it had planned to hike the stake in HUL to 75 per cent through an open offer from the earlier stake of 52.48 per cent.

'Based on the shares tendered which represent 14.8 per cent of HUL, Unilever would increase its stake from 52.48 per cent to 67.28 per cent,' Unilever Plc had said in a statement issued on Thursday night.

Shareholders of Hindustan Unilever Ltd tendered 319,699,278 shares during the tender period for the open offer, it added.'The offer price of Rs 600 per share values the transaction at approximately Rs 191.8 billion,' the company said.
Agencies

Agencies

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