Finolex Industries has surged 5% to Rs 177, also its record high on the BSE as the promoter of the company are increasing its stake via creeping acquisition method.
Prakash P Chhabria, one of the promoters of the company, has bought over 60,000 shares in past one month via open market purchases.
Since December, Prakash P Chhabria has acquired 61,450 shares of Finolex Industries, according to information filed by the company with the stock exchanges.
Post acquisition, total holding of Prakash P Chhabria in the company has increased to 0.175% from 0.13% at the end of September quarter.
Sebi rules allow for creeping acquisition or buying shares from the secondary market in tranches up to 5% in a fiscal after which an open offer is triggered off.
Meanwhile, the stock has zoomed 59% in past three months from Rs 111 on September 30, compared to 9% rise in benchmark S&P BSE Sensex.
At 1125 hours, a combined around 300,000 shares have already changed hands as against an average 100,000 shares that were traded daily in past two weeks on the BSE and NSE.
Prakash P Chhabria, one of the promoters of the company, has bought over 60,000 shares in past one month via open market purchases.
Since December, Prakash P Chhabria has acquired 61,450 shares of Finolex Industries, according to information filed by the company with the stock exchanges.
Post acquisition, total holding of Prakash P Chhabria in the company has increased to 0.175% from 0.13% at the end of September quarter.
Sebi rules allow for creeping acquisition or buying shares from the secondary market in tranches up to 5% in a fiscal after which an open offer is triggered off.
Meanwhile, the stock has zoomed 59% in past three months from Rs 111 on September 30, compared to 9% rise in benchmark S&P BSE Sensex.
At 1125 hours, a combined around 300,000 shares have already changed hands as against an average 100,000 shares that were traded daily in past two weeks on the BSE and NSE.
