Shriram City Union Finance has soared 10% to Rs 747, also its lifetime high, after the company said one of its promoters will acquire 17.9 million shares of the company at a maximum price of Rs 803 per share through inter-se-transfer.
“Shriram Retail Holdings Private Limited will acquire 17.9 million shares or 34.22% stake of the company from other promoter entity – Shriram Enterprises Holdings Private Limited through inter-se-transfer between promoters on or after July 18, 2012,” the company said in a filing.
The acquisition price will not be higher or more than 25% price of Rs 642 per share, it added.
The stock opened 2% lower at Rs 671 has bounced back over 11% after the announcements on the National Stock Exchange. A combined 49,715 shares have changed hands on the counter till early noon deals.
