Shares of India Cements rose sharply by over 12 per cent after BCCI President-in-exile N Srinivasan led company's board approved transfer of IPL team CSK to a wholly-owned subsidiary Chennai Super Kings Cricket Ltd.
The stock zoomed 12.32 per cent to settle at Rs 106.70 on the BSE. In intra-day session, it rallied 16.84 per cent to Rs 111.
At the NSE, it soared 11.77 per cent to end at Rs 106.35.
Led by the sharp gain in the stock, the company's market valuation rose by Rs 359.6 crore to Rs 3,277.60 crore.
A decision to this effect was taken at a Board meeting of the company held in Chennai yesterday.
"...Pursuant to the decision of Board of Directors of India Cements Ltd, the company transferred the IPL franchise rights to its wholly-owned subsidiary Chennai Super Kings Cricket Ltd," Srinivasan had said after the meeting.
He had said: "The Board considered a proposal for reorganisation of Chennai Super Kings Cricket Ltd under which ownership of the franchise will be issued to the shareholders of India Cements Ltd, subject to necessary approvals."
Last week, the company had informed BSE that it would transfer its IPL team CSK to the new subsidiary, Chennai Super Kings Cricket Ltd (CSKC).
