India Infoline (IIFL), one of the leading financial services providers, witnessed a sharp rise in share price on Tuesday after FIH Mauritius Investments, a fully-owned subsidiary of Fairfax India Holdings, made an open offer to acquire 26% equity stake in the company.
FIH Mauritius Investments announced an open offer to acquire over 83.1 million shares at a price of Rs 195 a share, a small premium of 3.7 percent over Monday's closing price of Rs 188 a share. The open offer, which is in accordance with Sebi regulations, will fetch IIFL Holdings over Rs 16.21 billion.
Shares of IIFL Holdings are trading at Rs 204.65, up Rs 16.65, or 8.86% at the Bombay Stock Exchange (BSE) on Tuesday at 10:21 a.m.
Total volume of shares traded on the bourses today was higher by 657.71% to 3,880,972 compared with 22-day average volume of 512,199.