Advani Hotels surges 20% after RK Damani & family ups stake in the company

Radhakishan S Damani, Shrikantadevi R Damani and M/s Derive Investments (partners- Radhakishan S Damani and Gopikishan S Damani) have acquired 145,203 equity shares or 0.31% stake in Advani Hotels.

Shares of Advani Hotels & Resorts (India) surged 20 per cent to Rs 99.45 on the BSE in Thursday’s intra-day trade after ace investor Radhakishan S Damani and his family increased their stake to 5.17 per cent in the company via open market purchases.

At 12:30 am; the stock traded 16 per cent higher at Rs 95 on the back of heavy volumes. In comparison, the S&P BSE Sensex was up 0.38 per cent at 58,220. The trading volumes at the counter jumped over four-fold with a combined 2.43 million shares representing 5.3 per cent of total equity of Advani Hotels changing hands on the NSE and BSE. The stock had hit an all-time high of Rs 108.20 on February 8, 2022.

“Radhakishan S Damani, Shrikantadevi R Damani and M/s Derive Investments (partners- Radhakishan S Damani and Gopikishan S Damani) has acquired 145,203 equity shares or 0.31 per cent stake in the company via open market purchase,” Derive Investments informed on February 16, 2022, Advani Hotels said in an exchange filing.

RK Damani and family acquired these shares between February 14, 2022 and February 15, 2022. Post acquisition, their stake in the company increased to 5.17 per cent from 4.86 per cent earlier, the company said.

As on December 31, 2021, Gopikishan S Damani held 4.18 per cent stake in Advani Hotels, the shareholding pattern data showed.

Meanwhile, on February 9, 2022, Delta Corp sold 283,024 shares of Advani Hotels at average price of Rs 90.39 per share via block deal, the NSE data showed.

Advani Hotels owns and operates the 201-key, 5-Star Deluxe, Caravela Beach Resort Goa, on a 23-acre estate, situated on the powdery white sands of Varca Beach in South Goa.