The Mcleod Russel (India) share price hit the 10 percent upper circuit in the morning session on September 21, a day after media reports said that Carbon Resources was interested in acquiring the debt-laden company.
A non-binding letter of intent has been sent by the Kolkata-based electrode paste producer to Mcleod Russel to acquire a controlling stake.
Carbon Resources picked up a stake in the company from the open market.
According to sources, the company has written to Mcleod Russel to resolve their debt. The tea maker has a huge debt.
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The stock was trading at Rs 41.10 at 09:51am, up Rs 3.70, or 9 percent. There were pending buy orders of over one million shares. The stock is currently trading at a 52 week high of Rs41.10.
The company has not received any communication or documentation relating to the acquisition, except for a statutory disclosure from the company.
"Since the company has not received any communication from CRPL, except for the disclosure under Regulation 29(1) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (as stated above), it is not in a position to comment on nor is it aware of the reasons for any increase in volume of security of the Company," it added.
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