Mumbai: Shares of Ispat Industries on Thursday surged nearly 3% in early trade on the Bombay Stock Exchange (BSE) after JSW Steel launched an open offer to buy a 20% additional equity in the steel-maker.
JSW Steel had made an open offer yesterday to buy 20% additional equity in Ispat at a price of Rs20.54 per share.
Ispat rose 2.96% to hit an early high of Rs24.30 on the BSE, while on the National Stock Exchange (NSE), the scrip went up by 2.53% to an early peak of Rs24.25.
The scrip had jumped 11.32% on the BSE in the previous trading session.
JSW had announced a Rs2,157 crore deal on Tuesday to acquire a 45% stake in Mittal brothers-promoted Ispat Industries.
Meanwhile, JSW Steel plunged 2.73% to hit an early low of Rs1,170.05 on the BSE.
The BSE bellwether Sensex was trading flat at 20,020.05 at 10:00 am.