The Economic Times
Ess Dee Aluminium surges on promoters stake sale buzz
Edited by : AL CIRCLE
1 min read
Shares of Ess Dee Aluminium, an aluminium packaging company, extended overnight gains on buzz that its promoters are planning to sell their entire stake to Australia-based Amcor.
The stock has been hitting 52-week highs after ET Now reported that the promoters of may sell their stake for a total company valuation of about Rs 2,000 crore.
According to ET Now sources, Amcor had initially entered into talks with Ess Dee Aluminium for $18 million annual manufacturing contract. However, after several rounds of discussions, the promoters of Ess Dee Aluminium are now exploring the idea of exiting the company.
The deal, if the stake sale happens, is likely to be at INR 550-650 per share, which is a premium to the current market price.
The stock has surged over 60 per cent in less than a month on hopes that a stake sale would unlock value for shareholders.
At 12:10 p.m., the stock was at INR 454, up 11.66 per cent, on the BSE. It touched a high of INR 474.50 and a low of INR 410.50 in trade today.
The stock has been hitting 52-week highs after ET Now reported that the promoters of may sell their stake for a total company valuation of about Rs 2,000 crore.
According to ET Now sources, Amcor had initially entered into talks with Ess Dee Aluminium for $18 million annual manufacturing contract. However, after several rounds of discussions, the promoters of Ess Dee Aluminium are now exploring the idea of exiting the company.
The deal, if the stake sale happens, is likely to be at INR 550-650 per share, which is a premium to the current market price.
The stock has surged over 60 per cent in less than a month on hopes that a stake sale would unlock value for shareholders.
At 12:10 p.m., the stock was at INR 454, up 11.66 per cent, on the BSE. It touched a high of INR 474.50 and a low of INR 410.50 in trade today.
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