Shares of Ispat Industries on Thursday surged nearly 3 per cent in early trade on the Bombay Stock Exchange (BSE) after JSW Steel launched an open offer to buy a 20 per cent additional equity in the steel-maker.
JSW Steel had made an open offer on Wednesday to buy 20 per cent additional equity in Ispat at a price of Rs 20.54 per share.
Ispat rose 2.96 per cent to hit an early high of Rs 24.30 on the BSE, while on the National Stock Exchange, the scrip went up by 2.53 per cent to an early peak of Rs 24.25.
The scrip had jumped 11.32 per cent on the BSE in the previous trading session.
JSW had announced a Rs 2,157 crore deal on Tuesday to acquire a 45 per cent stake in Mittal brothers-promoted Ispat Industries.
Meanwhile, JSW Steel plunged 2.73 per cent to hit an early low of Rs 1,170.05 on the BSE.
The BSE bellwether Sensex was trading flat at 20,020.05 at 1000 hours.