Camlin Fine Sciences shares hit 52-week high, gain 7% on open offer news

Shares of Camlin Fine Sciences Ltd surged 7 per cent to hit one-year high of ₹179.9 in Tuesday's trade after Mauritius–based Infinity Holdings along with promoter Ashish Dandekar launched an open offer for an additional 26 per cent stake in the specialty chemicals company at ₹160 per share, suggesting a premium of more than 5 per cent to Thursday's closing price of ₹152 per share.

Camlin Fine Sciences shares were trading 6.73 per cent higher at ₹175.95 apiece on the NSE during noon deals. The stock is up nearly 15 per cent in a week and 31 per cent in the last 6 months. Camlin Fine Sciences shares have risen 8.79 per cent on a year-to-date basis.

Infinity Holdings along with its subsidiaries held 23 per cent stake, while Dandekar held 9.44 per cent stake in the firm, as of December last year.

The open offer to acquire 44,560,177 (4.45 crore) equity shares constituting 26 per cent stake of Camlin Fine Sciences augurs well for the company, according to domestic brokerage house Axis Securities.

The stock has an average broker target of ₹180, implying a potential upside of 2.42 per cent, according to Trendlyne data.

Post the open offer, Infinity Holdings along with Dandekar will together hold 9.55 crore equity shares representing 55.76 per cent of the voting share capital of Camlin Fine Sciences, the company said in a filing.

Mumbai-based CFS has operations across Asia-Pacific, Europe and the Americas.