 "Kansai Nerolac Paints gains on stake hike by promoter")
Kansai Nerolac Paints (KNPL) has moved higher by 10% to Rs 292, bouncing back 12% from intra-day low on the BSE after the company announced that its promoter has hiked stake in the company by more than two per centage points though open market purchase.
Kansai Paint Co. Limited have purchased 10.91 million equity shares in KNPL, which amounts to 2.02% of the total equity capital of KNPL through open market on February 25, 2016, KNPL said in a statement.
Post this acquisition, Kansai Paint Co. Limited hold 71.29% stake in KNPL against 69.27% earlier, it added.
At 02:36 PM, the stock was up 4% at Rs 275 on the BSE. It touched a low of Rs 260 during intra-day trade. A combined 329,343 equity shares changed hands on the counter on the BSE and NSE.
Kansai Paint Co. Limited have purchased 10.91 million equity shares in KNPL, which amounts to 2.02% of the total equity capital of KNPL through open market on February 25, 2016, KNPL said in a statement.
Post this acquisition, Kansai Paint Co. Limited hold 71.29% stake in KNPL against 69.27% earlier, it added.
At 02:36 PM, the stock was up 4% at Rs 275 on the BSE. It touched a low of Rs 260 during intra-day trade. A combined 329,343 equity shares changed hands on the counter on the BSE and NSE.