Dabur Pharma spurts on IFC stake buy

DALAL STREET SPIKES

Dabur Pharma stock flared up on IFC investment. The stock soared to an intra-day high of Rs 57.80 before closing at Rs 55.80. Over 7.8 lakh shares were traded at the counter on BSE on Monday.

According to reports, International Finance Corporation (IFC), the private investment arm of the World Bank, has bought 15 per cent stake (1.22 crore equity shares) for $15 million (Rs 66 crore). The price per share works out somewhere around Rs 54 per share.

IFC's current shareholding in the company is 7.8 per cent while the promoter's stake in the company is around 69.8 per cent.

Market analysts said, "The stock attracted buying interest purely on news of IFC picking a stake in the company in anticipation that this will further enhance the company's visibility among the foreign institutional investors.