Phoenix Lamps burns bright

Phoenix Lamps is on the rise today, with volumes jumping up over 7 times. The stock price is up over 11% at Rs.121 levels, with an intra day high at Rs.124.

The stock price is up after Suprajit Engineering made an open offer to acquire 26% stake in the company at a price of Rs 100 per share.

In a statement to the exchange, Suprajit Engineering stated that the Board of Directors had approved the proposal of acquiring 51 % to 61.88% in the equity capital of Phoenix Lamps from the promoters - Argon India, Mauritius & Argon South Asia, Mauritius, at an agreed price of Rs.89 per share of Rs.10 each.

At end of FY15, promoters stake was down from 67.41% to 61.88% (QoQ), FII stake rose from 2% to 2.2%, DII stake also increased to 0.07% from 0.02%. Public float stands at 35.85% v/s 30.57%.