India's Stylam jumps on report Japan's Aica Kogyo eyeing stake

Shiva Mills

09/05/2024 10:35

** Shares of Stylam Industries  STYL.BO  rise as much as
9.5%, last up ~4% to 1,602.3 rupees 
    ** Japanese firm Aica Kogyo  4206.T  is looking to acquire
14% stake in the laminates and allied products maker, CNBC-TV18
reports, citing sources
    ** Stylam and Aica Kogyo did not immediately respond to
Reuters' request for comment 
    ** Aica to launch open offer for additional 26% in STYL,
report says, if the offer fails, Aica plans to buy total 40%
stake in STYL
    ** Aica Kogyo develops agro-chemical products and makes
laminates and building materials
    ** STYL shares on track to see biggest one-day jump since
early April 
    ** Stock eyes busiest trading day since late Jan., volumes
at 2.6x the 30-day avg 
    ** Including session's gains, stock down ~7% YTD

($1 = 83.5025 Indian rupees)

 (Reporting by Manvi Pant in Bengaluru)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))