Zodiac JRD MKJ share prices doubled in eight trading sessions. Read More>>
Zodiac's shares doubled to Rs 66 due to an open offer, triggering mixed reactions among minority shareholders. Share prices opened at a 5% gain today morning.
The market price, though double the offer, is deemed undervalued as per the company's book value of Rs 133 per share.
Promoter Mudit Jain and Bluerock acquired a 27.32% stake, triggering an open offer for an additional 26%.
Concerns arise as the market price doesn't reflect the company's net worth, leading to debate over the offer's fairness.
Minority shareholders have the option to file complaints with SEBI or pursue legal action if they believe the acquisition terms are unfair.
Shareholders weigh their options as the open offer schedule is set from November 6 to November 20.
Sources: Moneycontrol