Mumbai:  Shares of Hindustan Unilever on Tuesday shot up by 20 percent to touch a one-year high level, after the FMCG major's parent company Unilever Plc announced it will spend USD 5.4 billion to raise stake in it to 75 percent.
    
Following the news, shares of the company opened higher and further jumped 19.97 percent to Rs 597 -- its 52-week high on the BSE. At the NSE, the scrip skyrocketed by 20 percent to a 52-week high of Rs 597. The stock was the top gainer among the blue-chips on both Sensex and Nifty during morning trade. The market capitalization of the company soared by Rs 17,296 crore to Rs 1,24,900 crore.
 
Unilever will pay Rs 600 a share in an open offer to raise its stake in Hindustan Unilever to 75 percent from the current 52.48 percent, the company said in a filing to the stock exchanges. The price is 21 percent higher than the stock's closing price of Rs 497.35 yesterday.
    
The world's second-largest consumer goods company "is making a voluntary open offer to acquire 487,004,772 shares representing 22.52 percent of the total Voting Share Capital from the public shareholders of Hindustan Unilever Ltd", it said. Uptick in the stock sharply outperformed the sluggish stock market where the BSE benchmark Sensex was trading at 19,368.19, down 19.31 points at 1131 hrs.

(Agencies)

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