The stock froze 5 per cent upper limit of circuit breaker to Rs 105.60, after the company announced its board of directors will meet on December 21 to consider the development of properties.
On November 13, Pramod Jain, a minority shareholder of the company, had made an open offer to acquire another 25 per cent stake in the Sanjay Dalmia-promoted company, a move that could possibly open a clash for management control. Jain, holds 6.47 per cent stake in the company, had said by increasing his holdings he intended to prevent the promoters from stripping the company’s assets by taking control of the company.
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