Shares of Automotive Axles climbed over 5 percent after Cummins Inc made an open offer to buy up to 26 percent stake in the company. The open offer is for the acquisition of 39.29 lakh fully paid-up equity shares at the value of Rs 1504.3 per share.
Cummins Inc owns 35.52 percent stake in Automotive Axles, due to which a mandatory open offer had to be made.
Meanwhile, BF Investment, the other promoter that holds 35.5 percent stake in Automotive Axles, was in focus after Cummins made the open offer.
With the open offer, Cummins Inc will be a co-promoter of Automotive Axles along with the Kalyani group.
At 10:54 am, shares of Automotive axles were trading at Rs 2,091, up by 4.41 percent from the previous close on the BSE.
Cummins Inc shares are trading red at Rs 1217, down 0.6 percent from the previous close on the BSE.
First Published: Oct 11, 2022 10:58 AM IST
