Nippo Batteries surges on Panasonic Corporation exit

Nippo Batteries Company has zoomed 17% to Rs 515, extending its Friday’s 19% rally, after Japanese promoter Panasonic Corporation has sold its entire stake in the company to the Indian promoter via block deal.

Japanese major Panasonic Corporation, which holds 30.59% stake in Nippo Batteries Co. Ltd, have sold its entire stake to the Indian promoter Mr.P.Dwaraknath Reddy through block deals.

“Post transaction the total holding of Indian promoters will increase to 42.51% from 11.92% earlier,” the company said in a regulatory filing.

As a group, the Indian promoters’ stake would go up to 74.90% from the current 44.31% post-acquisition and the public holding would be 25.10% of the Rs 3.75 crore equity capital.

As many as a combined 1.43 million shares representing 38% of total equity have already changed hands on the counter so far, against an average around 50,000 shares that were traded daily in past two weeks. The stock opened at Rs 461 and hit a 52-week high of Rs 515 on the Bombay Stock Exchange.