Marico Kaya soars 10% on stake hike by promoters

Harsh Mariwala and others have purchased 130,375 equity shares of Marico Kaya via open market purchase.

Marico Kaya Enterprises has locked in upper circuit of 10% at Rs 451 on NSE after its promoters Harsh Mariwala and others have purchased 130,375 equity shares representing 1% of total equity of the company through creeping acquisition route.

The stock is currently at its highest level since listing, appreciated 90% from Rs 2137 on July 2. At 1500 hours a combined 1.30 million shares changed hands and there are pending buy orders for 97,919 shares on NSE and BSE.

According to disclosure made in stock exchange, on August 13, Harsh Mariwala has purchased 35,000 equity shares of Marico Kaya Enterprises at an average price of Rs 300 per share through market purchase. On August 12, he purchased 25,000 shares at Rs 290 per share.

Rajendra Mariwala has bought 40,679 shares of the company at Rs 302 per share on August 13, and an additional 10,000 shares at Rs 341 per share on August 14 through market purchase.

On August 15, Kishore Mariwala has purchased 19,696 shares of the company at Rs 300 per share, data shows.

As of June 2014, the promoters held 59.69% stake in the company, the shareholding pattern data shows.

Meanwhile, on July 15, Morgan Stanley Asia (Singapore) purchased 75,156 shares representing 0.58% stake of Marico Kaya Enterprises at price of Rs 312 per share, the NSE bulk deal data shows.