UK-based Cookson Group Plc on Friday made an open offer to shareholders of Foseco India for acquiring a 20 per cent stake in the company for Rs 53.64 crore.
Cookson Group Plc would acquire up to 1,277,292 equity shares, representing around 20 per cent stake in Foseco India, at Rs 420 per share.
The offer would open on December 5 and would close on December 24, Cookson said in a filing to the Bombay Stock Exchange.
The scrip of the company reacted positively to the news and touched a 52 week high at Rs 449 today. The shares later parted with some gains and closed at Rs 432.60, up 4.39 per cent on BSE.
Foseco India was originally promoted as a joint venture by Greaves and UK-based Foseco. It manufactures 400 products for the metallurgical industry, including steel and foundry.
The company's market covers integrated steel plants such as SAIL and Tisco, mini mills such as Mukand, Kalyani and Musco, and foundries such as Ennore Foundries and Lakshmi Machine Works.
The company mainly exports its products to West Asia, South-East Asia, Sri Lanka, Nepal, Kenya, Ghana, Bangladesh, Singapore and Taiwan.
Foseco India's plants are located in Kolkata, Jamshedpur, Pune and Puducherry.
Source: Economic Times