IndiaBulls Wholesale service buys into Piramyd Retail

Indiabull Wholesale Services Ltd (IWSL), is proposing to make an open offer under the Securities & Exchange Board of India (Substantial Acquisition of Shares & Takeovers) Regulations, 1997 for Piramyd Retail Ltd, a retail Company, wherein IWSL is proposing to acquire 63.92% of the equity share capital of Piramyd Retail Ltd from the existing promoters pursuant to which IWSL shall make an Open Offer to the public shareholders of Piramyd Retail Ltd to acquire up to 20% of the fully diluted voting capital of the Target Company at an offer price of Rs 74.73 per share / stock option.Pyramid retail is already at its 52 week high today and it was just 47 rupees month back and now tradin at 110 to 120 rs range.