Shares of Tilaknagar Industries were locked in 20 percent upper circuit at Rs 21.20 per share intraday on Monday. The beverage company is outperforming market on a day when most indices are reeling under Greece crisis and possibility of a weak euro.
What is driving the stock is a buzz that Kishore Chhabria-controlled Allied Blenders & Distillers are in talks to acquire a controlling stake in the company.
According to the report, Chhabria and Amit Dahanukar, CMD of Tilaknagar Industries which owns the brand Mansion House brandy are likely to meet in London.
The media report also adds that Dahanukar is likely to ask for Rs 50-60 per share, a substantial premium to the current market price. This will value the Dahanukar stake between Rs 340 crore and Rs 410 crore.
At 12:49 hrs Tilaknagar Industries was quoting at Rs 21.20, up Rs 3.50, or 19.77 percent on the BSE.
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