 "Tube Investments rallies on stake sale plan in insurance JV")
Tube Investments of India has surged 16% to Rs 464 on the BSE after the company announced that it will sell 14% of its stake in Cholamandalam MS General Insurance (Chola MS) to its joint venture partner, Mitsui Sumitomo Insurance (MSI) for Rs 883 crore.
The board of directors of Tube Investments of India, at its meeting held on December 25, had approved the sale of 14% shareholding in Chola MS General Insurance to its joint venture partner, MSI for a consideration of Rs 883 crore, subject to regulatory approvals, Tube Investments said in the regulatory filing.
"Upon completion of the transaction, MSI will increase its ownership in the general insurance joint venture from 26% to 40%," it added.
The stock hit a record high of Rs 467 on the BSE in intra-day trade. The trading volume has more than doubled with a combined 538,134 shares changed hands on the BSE and NSE till 09:39 am.
The board of directors of Tube Investments of India, at its meeting held on December 25, had approved the sale of 14% shareholding in Chola MS General Insurance to its joint venture partner, MSI for a consideration of Rs 883 crore, subject to regulatory approvals, Tube Investments said in the regulatory filing.
"Upon completion of the transaction, MSI will increase its ownership in the general insurance joint venture from 26% to 40%," it added.
The stock hit a record high of Rs 467 on the BSE in intra-day trade. The trading volume has more than doubled with a combined 538,134 shares changed hands on the BSE and NSE till 09:39 am.