Coastal Corporation zooms 20% after Barclays Securities India buys stake

On Monday, June 7, 2021, Barclays Securities India Pvt Ltd purchased 220,174 shares, representing 2.07 per cent of total equity of Coastal Corporation, at price of Rs 249.15 per share

Shares of Coastal Corporation zoomed 20 per cent to Rs 328.80 on the BSE in intra-day trade on Tuesday after Barclays Securities India acquired 2 per cent stake in the packaged foods company via open market.

On Monday, June 7, 2021, Barclays Securities India Pvt Ltd purchased 220,174 shares, representing 2.07 per cent of Coastal Corporation's total equity, at price of Rs 249.15 per share vial block deal on the BSE, the exchange data shows.

Barclays Securities India Pvt Ltd. offers various securities market related services in India. The services offered cater to the needs of both institutional and non institutional client segments.

Satyasree Achanta, the individual shareholder, sold 500,000 shares of the company at price of Rs 250.14 per cent share on the BSE. As of March 31, 2021, Satyasree Achanta held 954,146 shares, or 8.93 per cent stake, in Coastal Corporation. The names of the other buyers were not ascertained immediately.

Coastal Corporation is engaged in the shrimp feed manufacturing and shrimp processing and exports business. It produces shrimp products that include sea tiger, whites, pink brown, vannamei and black tiger. The company offers its products in both raw and cooked forms. Its product categories include headless shell on, peeled deveined tail on, peeled deveined tail off (PD), pulled vein tail on, peeled un-deveined (PUD), shrimp skewers, cooked head on, cooked headless shrimp, and cooked PD shrimp.

The company exports its products across The United States, Europe, Canada, United Arab Emirates, Hong Kong, Korea, China, and Russia. The company’s processing plants are approved by FDA, EU and HACCP certified.

In the past one month, the stock has zoomed 92 per cent, against 6 per cent rise in the S&P BSE Sensex. At 11:49 am, it was trading 14 per cent higher at Rs 313, as compared to 0.11 per cent decline in the benchmark index. The stock is listed only on BSE.