Sesa Sterlite rises on promoter stake hike
Twin Star Holdings has purchased an additional 59 million shares in the company between May 20 and June 20, 2014.
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.