Bajaj Hindustan is in talks with Balrampur Chini Mills to acquire a 36.67% stake of the current promoters. Vivek Saraogi-promoted Balrampur Chini owns 10 sugar mills, all located in east Uttar Pradesh (UP). Bajaj Hindusthan group runs 16 sugar mills, all of which are located in UP.
Although the managements of both companies denied the development, industry sources confirmed that the two promoters have been in discussions to finalise a deal.
Bajaj Hindustan opened at Rs 199 and slipped to a low of Rs 195. Thereafter it zoomed 11% to a high of Rs 217. The stock is now up 10% at Rs 216. Over 819,879 stocks have been traded so far on the BSE.
Balrampur Chini slipped 7% to a low of Rs 138 after opening at Rs 147. The stock is now down 6.7% at Rs 139. The counter has clocked a volume of 879,260 stocks so far.
POSTED BY
SATISH CHANDRA
PGDM III
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