Power utility major BSES was the biggest gainer in the 30-share Sensex today following a block deal of 11 lakh shares in early-morning trades.
The stock of the power generation and supply firm leaped up 4.44 per cent to close at Rs 210.50 after hitting an intra-day high of Rs 211.60 on the Bombay Stock Exchange (BSE). Over 14.25 lakh shares changed hands with a market capitalisation of Rs 2901 crore.
According to market grapevine, there was a block deal of around 11 lakh shares in BSES between a domestic mutual fund of a large corporate house and a foreign joint venture broking arm.
BSES has drawn up a business plan up to 2012 and accordingly, it envisages 9,000 mw of generating capacity by that time. The company has already completed the financial projections for this plan.
It will require a total investment of close to Rs 35,000-40,000 crore. It expects equity participation of Rs 10,000 crore over this period.
The current equity share capital of BSES is Rs 137.83 crore. UTI/LIC/IDBI/GIC and their subsidiaries hold 37.22 per cent followed by Reliance group companies at 30.65 per cent. While banks hold 0.39 per cent stake, mutual funds hold 1.5 per cent, foreign institutional investors and non-resident Indians hold 7.07 per cent, global depository receipt holders account for 8.1 per cent, other corporate bodies hold 0.91 per cent and individuals hold the balance stake.
Notably, Reliance has increased its stake marginally during the December quarter. It held 29.75 per cent of the equity capital as on 30 September 2001.
