DCM Shriram Industries jumped to Rs 88.05, up 4.95 per cent on reports that the promoters have hiked the price to Rs 90 for allotment of warrants to themselves to prevent a hostile takeover attempt by Harish Bhasin-promoted HB Stockholdings.
The Delhi-based brokerage had announced the open offer to acquire 35 lakh shares, equivalent to a 22.8 per cent stake, at Rs 70 a share and challenged the move by the promoters to allot themselves seven lakh warrants. Each warrant would carry a right to subscribe to three equity shares.
