Shares of Monsanto India rose over 6 per cent today after German pharma and chemical major Bayer group announced mandatory open offer to buy up to 26 per cent additional stake in the company for over Rs 1,100 crore.
The scrip jumped 5.99 per cent to Rs 2,540 on the BSE. On the NSE, shares of the company surged 6.16 per cent to Rs 2,539.50.
Bayer group had yesterday announced mandatory open offer to buy up to 26 per cent additional stake in Monsanto India for over Rs 1,100 crore following its global deal to acquire US-based biotech major.
In the open offer, Bayer will acquire up to 44,88,315 shares of Monsanto India from public shareholders at a price of Rs 2,481.60 apiece.
The offer price is 4 per cent higher than the Monsanto India’s closing rate of Rs 2,390 per share yesterday on the BSE.
On September 14, Bayer AG announced acquisition of Monsanto for $66 billion to create the world’s biggest seed and pesticide firm.
After completion of the proposed deal, Bayer group will be indirectly acquiring the 72.14 per cent voting share capital of the Monsanto India, triggering into launch of an open offer for the shareholders of Monsanto India Ltd.
Monsanto group holds 72.14 per cent stake in Monsanto India Ltd as on June 30, 2016, according to a regulatory filing.
Financial Technologies
Shares of Financial Technologies (India) fell over 6 per cent today after CBI arrested the promoter of the firm, Jignesh Shah, for alleged cheating and suppression of facts in getting SEBI extension to MCX-SX to continue as a private stock exchange in violation of norms.
After a weak opening, shares of the company further lost 6.17 per cent to Rs 78.20 on the BSE.
On the NSE, the scrip declined by 6 per cent to Rs 78.
Shares of MCX were, however, trading 2.33 per cent higher at Rs 1,032.60 on the BSE.
“The Central Bureau of Investigation has arrested promoter of two private companies and conducted searches at nine places in Mumbai, including the residence and office premises of the said promoter of Mumbai-based two private companies,” CBI spokesperson R K Gaur had said yesterday.
MCX-SX had started functioning as a stock exchange in 2013 after a long legal battle with SEBI.
Meanwhile, 63 Moons Technologies (formerly FTIL), had said in a statement yesterday, “Pursuant to the applicable regulations of SEBI (LODR), Regulations 2015, please be informed that Central Bureau of Investigation, Economic Offence Wing, Mumbai, is conducting search in connection with FIR ...
relating to recognition granted by SEBI to MCX-SX (now Metropolitan Stock Exchange of India Limited).”
Essel Propack
Essel Propack Ltd’s shares rose as much as 10.42 per cent to a record high of Rs 247 announced a complete buyout its partner’s stake in Essel Deutschland Germany for $32 million (around Rs 214 crore).
Following the move, Essel Deutschland Germany (EDG) has become a cent percent subsidiary of Essel Propack, the company said in a statement.
The acquisition will help Essel to unlock synergies such as enhanced cross selling opportunity in German markets, sourcing flexibility and better capacity utilization at all of its Europe plants, it added.