The stock of JMT Auto locked in the upper circuit of 5 per cent at Rs 121.95 on the BSE after Amtek Auto made an open offer at Rs 149 a share.
Amtek Auto said that it has entered and executed a share purchase agreement with the promoters of JMT Auto for acquisition of 38.3 lakh shares, representing 26.61 per cent of equity capital along with complete control and management of JMT Auto.
Following this, Amtek Auto has made an open offer to public shareholders to acquire up to 37.4 lakh equity shares constituting 26 per cent of the fully paid-up equity share capital of the JMT Auto.
JMT Auto is engaged in the business of auto parts and equipment.
Meanwhile, Amtek Auto shares also moved up 1.2 per cent at Rs 71.95 on the BSE.
Among public shareholders, Bach holds 30.48 per cent stake in JMT Auto while Religare Finvest and Integrated Master Securities have an exposure of 2.06 per cent and 1.36 per cent respectively. About 7,350 individual shareholders hold around 10 per cent stake in JMT Auto.