Sesa Sterlite is trading higher by 2.4% at Rs 304 after the company said the promoters have raised their holding in the past one-and-a-half months through creeping acquisition route.
Twin Star Holdings, the promoter group company, has bought an additional 59.43 million shares representing 2% of total equity capital of the company between May 20 and June 20, 2014, Sesa Sterlite said in a statement.
The Anil Agarwal-controlled Mauritius-based Twinstar Holdings Ltd — the parent company of Sesa Sterlite — has purchased these shares from open market on BSE and NSE. The promoter has acquired these shares for about Rs 1,700 crore, based on an average market price of Rs 285.80 during this period.
Post acquisition, total holdings of Twin Star Holdings has increased to 40.61% from 38.61% earlier, it added. Since May 20, shares in Sesa Sterlite have outperformed the market by gaining 24% compared to 4% rise in benchmark S&P BSE Sensex and 11% gain in S&P BSE Metal sector index.
Twin Star Holdings, the promoter group company, has bought an additional 59.43 million shares representing 2% of total equity capital of the company between May 20 and June 20, 2014, Sesa Sterlite said in a statement.
The Anil Agarwal-controlled Mauritius-based Twinstar Holdings Ltd — the parent company of Sesa Sterlite — has purchased these shares from open market on BSE and NSE. The promoter has acquired these shares for about Rs 1,700 crore, based on an average market price of Rs 285.80 during this period.
Post acquisition, total holdings of Twin Star Holdings has increased to 40.61% from 38.61% earlier, it added. Since May 20, shares in Sesa Sterlite have outperformed the market by gaining 24% compared to 4% rise in benchmark S&P BSE Sensex and 11% gain in S&P BSE Metal sector index.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%