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Standard Greases and Specialities Pvt Ltd, 23.24 per cent stake holder, has announced an open offer for acquiring 2.26 crore equity shares or 26 per cent of Tide Water Oil’s paid-up equity, at ₹16,632 a share.
Andrew Yule & Co, which controls the management, holds 26.22 per cent in Tide Water. Kollol Datta, CMD of Andrew Yule told BusinessLine , “We are not perturbed by the offer. Earlier also Standard Grease had unsuccessfully tried to increase its stake.”
It also claims the support of LIC (4.72 per cent), United India Insurance (6.88 per cent) and Tide Water Oil (I) Employees Welfare Trust (2.48 per cent).
The stock on Tuesday had closed at ₹17,046, higher than the offer price.
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