HUL shares zoom 20% on open offer by Unilever

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Shares of HUL shot up by 20% to touch a one-year high, after the FMCG major's parent company Unilever announced to raise stake in it to 75%

86.45(17.38%)

Vol: 19185493 shares traded

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MUMBAI: Shares of Hindustan UnileverBSE 17.28 % today shot up by 20 per cent to touch a one-year high level, after the FMCG major's parent company UnileverBSE 17.28 % Plc announced it will spend $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.
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