GMR Industries stocks was up 9.47 per cent to a high of Rs 122.50 on the BSE. EID Parry has made an open offer to acquire 20 per cent stake in GMR Industries. The sugar major would acquire 39,92,342 shares, representing 20 per cent stake in GMR Industries, at Rs 110.69 per share.
On Sunday, EID Parry had entered into a definitive agreement with GMR Holdings Pvt Ltd. The company is interested in acquiring a minimum 65 per cent equity in GMR Industries, the agri-business arm of Hyderabad-based GMR Group. On the National Stock Exchange, the stock jumped 9.1 per cent to a high of Rs 122.15. A total of 6,01,354 shares of GMR Industries changed hands on both the bourses in the early morning trade.
EID Parry, a part of Chennai-based Murugappa Group, is a dominant player in the sugar industry and has interests in bio-pesticides and nutraceuticals. Shares of EIP Parry were trading at Rs 378.50 on the BSE, up 3.32 per cent from previous close at 1011 hrs.