Organic Coatings soars on preferential buzz

DALAL STREET SPIKES

The Organic Coatings Ltd scrip was in buyers only territory on buzz that the Mumbai-based inks major is planning preferential allotment of equity shares to fund exports-led expansion plans.

The counter hit a high of Rs 21.87, closing at the same price. More than 25,354 shares were traded on the BSE. The counter has been touching new highs nearly every session of late.

R K Shah, chairman and managing director of the company, refused to comment on the placement.

Sources said that the Shah family along with persons acting in concert hold close to 60 per cent equity in Organic Coatings, adding that the company would dilute some of this "" though the family would retain majority control.