International engineering giant Titan Europe Plc has made an open offer to purchase 1.42 million shares, or a 14.38 per cent stake, in TVS group firm Wheels India.

According to a filing with the Bombay Stock Exchange (BSE), Titan Europe Plc that designs and produces wheels offered Rs 725 per share or Rs 102.8 crore for the 14.38 per cent stake.

The filing also stated, "The open offer is being made consequent to indirect acquisition of control over `target company (Wheels India)' by the acquirer."

Titan Europe Plc already owns Wheels India's 3.54 million shares, or a 35.91 per cent stake in the company. Thus, purchase of additional 1.42 million shares could make it a majority stakeholder with around 51 per cent stake.

Wheels India designs and manufacturers steel wheels for various vehicles, including passenger cars, sports utility vehicles (SUVs), trucks, tractors, buses and construction equipment. It accounts for nearly 2/3rd of the domestic market. It also exports 18 per cent of the turnover to Europe, South Africa, North America and Asia Pacific.

Stock in Wheels India gained 1.36 per cent to Rs 740.10 a share on Thursday on the Bombay Stock Exchange.