Promoter's plan to hike stake boosts Reliance Infra

DALAL STREET SPIKES

Reliance Infrastructure jumped by 17.15 per cent to close at Rs 535.10 today on reports that its promoter, Anil Ambani, is looking to increase his stake by about 5 per cent to ward off a hostile takeover bid. According to reports, Anil Ambani is looking to increase the promoters’ holding above 50 per cent through the creeping acquisition route.

The stock opened 2.9 per cent higher at Rs 470 (the low of the day) and went on to hit an intraday high of Rs 550. A total of 1,862,585 shares were traded on its counter against its two-week average of 1,400,517 shares. Despite the gain, the stock is down by about 28 per cent in the last one month.