Bilcare rallies as promoters release pledged shares
Mohan Bhandari and Nutan Bhandari, the promoters of the company have released 6.6 million shares on Friday, September 28
Bilcare has rallied over 14% to Rs 234 after the company said its promoters have released majority of pledge shares in last week.
The stock opened at Rs 210 and has seen about three-fold jump in trading volumes. A total 524,000 shares have already changed hands on the counter so far against an average 187,000 shares that were traded daily in past ten trading sessions on the BSE.
“Mohan Bhandari and Nutan Bhandari, the promoters of the company have released 6.6 million shares on Friday, September 28,” Bilcare said in a filing.
“Mohan Bhandari has released 5.4 million shares from various lenders including Reliance Capital, IL&FS, Religare Finvest, ECL Finance and Sicom, while Nutan Bhandari has released 1.2 million shares from IL&FS and Cholamandalam Investment and Finance Company,” the filing added. At the end of June quarter, the promoters held 7.67 million total shares or 35.82% stake in Bilcare, out of which 7.31 million shares were pledged.
The stock healthcare supplies company outperformed the market by appreciating 50% in past one month after the company said that the United Drug plc has completed of the acquisition of its Global Clinical Supplies (GCS) businesses in the US and the UK. The Bombay Stock Exchange (BSE), benchmark index has gain 8% during the same period.
In late August, Bilcare had announced it was selling its GCS businesses in the US and the UK for $61 million, while retaining its GCS business in Asia.