Heritage Foods (India) has locked in 5% upper circuit at Rs 487 on reports that equity fund promoted by Wipro, Chairman Azim Premji has bought a stake in the company.
“Premji Invest, the $1.2-billion private and public equity fund of Wipro chairman Azim Premji, has bought a stake in Hyderabad-based Heritage Foods,” the Business Standard report suggests.
Last month, Kotak India Focus Fund, a private equity fund managed by the Kotak Mahindra Group had offloaded 5.66% of its previously held 8.93% stake through open market, the BSE data shows.
Heritage Foods is a publicly held company, owned by Chandrababu Naidu, former chief minister of the state, with revenue of around Rs 1,400 crore in 2011-12.
The stock has opened hit a low of Rs 466 on the BSE. A combined 17,093 shares have changed hands on the counter so far and there are pending buy orders for 14,616 on the BSE and NSE.