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| IL&FS Investsmart hits 5% upper limit |
| BS Reporter / Mumbai Jun 17, 2009, 15:49 IST |
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The stock ended at the same 5% upper circuit with pending buy orders of 166,353 shares on the BSE.
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(Updated at 1031 hrs)
IL&FS Investsmart has surged 5% on speculation that the company would buy back shares from the market at a higher price.
According to a release issued by IL&FS to the BSE, the company has received a proposal from its promoters, HSCI and HSBC Violet Investment (Mauritius), to delist the equity shares currently traded in BSE and NSE, in accordance with the SEBI (delisting of equity shares) Regulations, 2009.
Currently 4.29 million equity shares, or 6.14% of the issued and paid up equity share capital of the company are publicly held. The promoters hold the balance 65.55 million equity shares representing 93.86% of the issued and paid up equity share capital of the company.
The stock has hit the 5% upper circuit at Rs 141, with only 544 shares been traded so far on the BSE. The counter has pending buy orders for over 528,000 shares. The stock has gained 35% in the last one month.
Of the 4.29 million shares listed, 1.52 million shares are held by the domestic and foreign instiutions, while the rest 2.77 million shares are held by general public.
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