HB Stock raises stake in DCM Shriram to 15.06%

Investment firm HB Stockholdings, which made a hostile takeover bid for DCM Shriram Industries, has consolidated its holding in the sugar manufacturer to 15.06 per cent through open market transactions.

Delhi-based HB Stockholdings, promoted by Harish Bhasin, has acquired 13,797 equity shares in DCM Shriram Industries (DSIL) on December 4, for an estimated Rs 17.06 lakh in market transactions, the company said in a disclosure to the Bombay Stock Exchange.

The total consideration calculated as per the closing price of DSIL on December 4 of Rs 123.70, comes to Rs 17.06 lakh for the purchase.

The purchase has increased HB Stockholdings' stake in DSIL to 23,04,036 equity shares representing 15.06 per cent holding, the disclosure said.

Last month, HB Stockholdings had bought 48,733 shares in DSIL from the open market for about Rs 45 lakh.

Shares of DCM Shriram today closed at Rs 123.50, down 4.89 per cent after touching an all-time high of Rs 136.30 in the morning trade on BSE.

Earlier, HB Stockholdings made a hostile takeover offer to DCM Shriram for buying the 22.8 per cent stake in the company at a price of Rs 70 a share.