Future Capital hits 15-month high on heavy volumes

Future Capital Holdings has soared 6% to Rs 184, extending its previous day’s 8% rally, on back of over three-fold jump in trading volumes.

The stock opened at Rs 174 and hit a 15-month high of Rs 191 on the BSE. A combined 975,330 shares have already changed hands on the counter so far against sub 300,000 shares that were traded daily in past two weeks.

In a filing to the stock exchanges the company said that, “the name of the company has been changed from "Future Capital Holdings Limited" to "Capital First Limited pursuant to the approval received from the registrar of companies, Mumbai, Maharashtra and from other regulatory authorities.”

Warburg Pincus, a leading US-based private equity (PE) firm, has successfully raised its stake Future Capital Holdings to 68.40% post open offer. The PE firm acquired 24.43% stake in the company at Rs 162 per share through Cloverdell Investment, an affiliate of Warburg Pincus.