Rajesh Exports surge 12% on news of stake sale to De Beers
Active Stock: Rajesh Exports surge 12% on news of stake sale to De Beers Shares of Rajesh Exports (Q, N,C,F)* are trading 12.78% higher at the BSE, on news that US-based diamond biggie De Beers is interested in acquiring 51% stake in the company. >
There is no formal bid in place yet, however the fund is expected to pay a premium price for the buyout.
Rajesh Exports has a market cap of Rs 26.50 billion. The acquisition of 51%, will lead to a mandatory open offer for an additional 20% of the company.
Currently, the shares of the company are trading at Rs 822.80, at the BSE compared to the previous close of Rs 729.55. A total of 377,670 shares have changed hands at the bourses. The scrip touched its 52-week high of Rs 849.95 today.(10.40 a.m., Monday)
The stock has shown a rise of 20.87% over the week and 62.22% over a month.
