Indraprastha Gas Limited (IGL) has surged 5% to Rs 236 after the company said HDFC Standard Life Insurance has acquired more than 1% stake through open market transaction on June 1, a day when the stock rallied over 28%, post Delhi High Court order in favour of the company.
“HDFC Standard Life Insurance has bought 1.95 million shares representing 1.39% stake in the company via open market purchase on June 1, 2012,” IGL said in a filing.
Post transaction the total holding of the private insurer has increased to 5.39% from 4% earlier, it added.
The Delhi High Court ruled against the order by the downstream oil regulator the Petroleum and Natural Gas Regulatory Board (PNGRB), which had slashed the network tariff and compression charges levied by IGL for distributing CNG to consumers in Delhi and adjoining areas with retrospective effect
The stock opened at Rs 227 and touched high of Rs 238 on the National Stock Exchange. A combined 3.06 million shares have changed hands on the counter till early noon deals on both the exchanges.
