May 24, 2024

Within the final one yr, the inventory has gained over 23 p.c.

Shares of VST Industries Restricted soared 20 p.c to Rs 4,060 and have been locked within the higher circuit following a report that 4 p.c fairness stake within the firm was bought in a block deal.

Moneycontrol couldn’t instantly confirm the consumers and sellers of the deal. As many as six lakh shares modified fingers throughout commerce right this moment, considerably larger than one-week common of 5,000 and one-month common of 16,000 shares.

Story continues under Commercial

Within the final one yr, the inventory has gained over 23 p.c.

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Ace investor and dealer Radhakishan Damani has a 25 p.c stake within the cigarette maker, via his funding arm Vibrant Star Investments. Derive Buying and selling and Resorts Personal Restricted, the place Damani is a director, additionally has 4.76 p.c within the firm.

Again in 2001, Damani had gathered a shade under 15 p.c in VST Industries at a median value of Rs 88 per share.

He was prepared to pay Rs 112 per share for a further 20 p.c within the firm, a 26 p.c premium to the market value on the day he introduced the bid.

A messy bidding warfare ensued, as ITC entered the fray with a counter-offer to thwart Damani, counted amongst India’s savviest inventory market traders, from taking management of VST.

Story continues under Commercial

ITC initially made an open supply at Rs 115 per share and later elevated that to Rs 126 per share. Damani ultimately raised the value and measurement of his bid -Rs 151 per share for 30 p.c of the corporate – however didn’t win over the banks, insurance coverage firms and monetary establishments that collectively held 22 p.c of the corporate.

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