Sterling Holiday hits roof on stake buys by Jhunjhunwala, Damani
SI Reporter / Mumbai Sep 29, 2011, 10:19 IST
Sterling Holiday Resorts has frozen at its 10% upper circuit at Rs 103 after billionaire Rakesh Jhunjhunwala and investor Radhakrishna Damani acquired a little over 14% stake in the company.
“Both the investors have picked up 14.2% (7.1% cent each) for an investment of Rs 40 crore each in the last two months," a newspaper report quotes Ramesh Ramanathan, managing director of the company.
Meanwhile, the Chennai based company in a filing to the stock exchanges said that it has allotted 2.4 million equity shares or 4.15% stake to India Horizon Fund for total consideration of Rs 18 crore on preferential basis.
Around 289,000 shares have changed hands on the counter on the Bombay Stock Exchange (BSE). There are pending buy orders for 23,673 shares till 0951 hours.
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