Jyoti, engaged in manufacturing electrical and hydraulic engineering equipments, witnessed a sharp rise in share price on Tuesday after two individual Lavjibhai Dungarbhai Daliya and Anjani Residency made an open offer to acquire a controlling stake.
The open offer is for acquisition of 1,28,46,744 shares of the company at a price of Rs 63 a share. The open offer size represents 75% of equity share capital of the company.
Shares of Jyoti are trading at Rs 76.20, up Rs 12.7, or 20% at the Bombay Stock Exchange (BSE) on Tuesday at 12:10 p.m.
The scrip has touched an intra-day high of Rs 76.20 and low of Rs 76.20. The total volume of shares traded at the BSE is 7,456.