Schneider Electric soars on open offer

The stock of Schneider Electric Infrastructure hit a 52-week high during Tuesday’s trading session as the parent company made an open offer of Rs 516 crore. On the BSE, the stock ended the day up 8.9 per cent at Rs 98.60 and touched a high of Rs 104.70 (up 15.6 per cent). On the NSE, the stock ended up 8.8 per cent at Rs 98.75 and touched a high of Rs 104.65 (up 15.3 per cent). The parent company, Schneider Electric Singapore has made an open offer for 6.21 crore shares of Schneider Electric Infrastructure, constituting a 26 per cent stake. The price under consideration for the open offer is Rs 83.10 a share. Currently, promoter holds 73.4 per cent stake in the company. Individual shareholders’ stake stands at 10.33 per cent, while other significant holders are venture capital funds (8.68 per cent), mutual funds (4.04 per cent) and bodies corporate (2.56 per cent). The traded volume for the scrip on the NSE stood at 15 lakh shares at a value of Rs 14.98 crore. The scrip touched a 52-week low earlier this year in March at Rs 58.70.