Ispat Industries shares up 4% on open offer

Ispat Industries shares up 4% on open offer

Mumbai: Shares of Ispat Industries rose more than 4% on Wednesday after JSW Steel made an open offer to acquire up to 20% stake in the firm at Rs20.54 a share.

The open offer price was less than Ispat Industries’ Tuesday closing of Rs21.2.

JSW Steel had said on Tuesday, it planned to buy 41.3% stake in Ispat for $476 million to expand capacity in the country.

At 9:18 am, shares of Ispat were trading at Rs22.15, up 4.48%, while JSW Steel was at Rs1,216, up 0.33% in a firm Mumbai market.

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