IndusInd Bank sells Rs 103-cr shares of Kesoram Industries

Private sector lender IndusInd Bank today offloaded 75 lakh shares of B K Birla group company Kesoram Industries for an estimated Rs 103 crore through open market transactions.
The shares were purchased by Highgate Industries Ltd.
Following the transcation, shares of Kesoram Industries surged by 7.78 per cent to settle at Rs 147.50 apiece on BSE. During the intra-day trade, the stock had spurted by 8.5 per cent to a high of Rs 148.50.
According to block deal data available with BSE, IndusInd Bank sold a total of 75 lakh shares of Kesoram Industries.
The shares were offloaded on an average price of Rs 137, valuing the transaction at Rs 102.75 crore.

On June 15, Kesoram Industries had allotted 75 lakh equity shares of face value Rs 10 each to IndusInd Bank arising out of conversion of the existing optionally convertible preference shares at a price of Rs 120.