Shares in Jyoti Ltd, a Vadodara-based electrical equipment company, jumped by its maximum daily limit of 20 per cent to Rs 76.20 after two individual shareholders made an open offer to acquire 1.28 crore shares in the company at Rs 63 per share.
"Lavjibhai Dungarbhai Daliya and Anjani Residency Private Limited have made an open offer to acquire 1.28 crore fully paid-up equity shares of Rs 10 each representing 75 per cent of fully paid-up equity share capital and voting capital of Jyoti Ltd. (target company) from equity shareholders of target company," said Inga Capital, the manager of the open offer in a filing to the Bombay Stock Exchange.
As of March 31, 2015, promoters of Jyoti Ltd held 32.66 per cent stake in the company, corporate bodies and individual shareholders held 53.76 per cent stake, foreign institutional investors held 9.75 per cent and domestic financial institutions held 3.83 per cent stake.
Jyoti Ltd has a market capitalization of Rs 131 crore. The stock ended 20 per cent higher at Rs 76.20 apiece on the Bombay Stock Exchange.
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