 "Force Motors gains over 7% after huge block deal")
Force Motors has rallied over 7% to Rs 567 after huge block deal executed on the counter on the Bombay Stock Exchange (BSE).
At 0919 hours, around 425,000 equity shares representing 3.22% of total equity of the car and utilities vehicles maker have changed hands at Rs 549.95 a share, the BSE data shows. However, the identity of the buyers and sellers could not be yet ascertained.
The stock opened at Rs 534 and touched a high of Rs 584 so far. Till 1100 hours, around 625,000 shares changed hands as against an average 173,000 shares that were traded daily in past two weeks on BSE.
Bajaj Holdings and Investment, the holding company of the Bajaj Group, have offloading stake in Pune-based Force Motors during past couple of months.
In a regulatory filing to the BSE today, Bajaj Holdings said it has sold 267,275 shares of Force Motors between July 14 and July 23, representing 2.03% stake.
After the stake sale, Bajaj's stake in Force Motors has come down to 9.01% from the earlier, down from 11.04% earlier.
At 0919 hours, around 425,000 equity shares representing 3.22% of total equity of the car and utilities vehicles maker have changed hands at Rs 549.95 a share, the BSE data shows. However, the identity of the buyers and sellers could not be yet ascertained.
The stock opened at Rs 534 and touched a high of Rs 584 so far. Till 1100 hours, around 625,000 shares changed hands as against an average 173,000 shares that were traded daily in past two weeks on BSE.
Bajaj Holdings and Investment, the holding company of the Bajaj Group, have offloading stake in Pune-based Force Motors during past couple of months.
In a regulatory filing to the BSE today, Bajaj Holdings said it has sold 267,275 shares of Force Motors between July 14 and July 23, representing 2.03% stake.
After the stake sale, Bajaj's stake in Force Motors has come down to 9.01% from the earlier, down from 11.04% earlier.
Bajaj Holdings & Investment which 19.48% stake in Force Motors as of March 2014 reduced its stake to 15.94% stake at the end of June quarter.