Speciality Restaurants hits upper circuit on stake buys by Reliance MF

Reliance MF bought 457,405 shares at an average market price of Rs 158.88 through block deal

Speciality Restaurants has frozen upper circuit of 5% at Rs 168.65, extending its yesterday's over 7% gain over its issue price of Rs 150 on the Bombay Stock Exchange (BSE), even as the broader market trading in the negative territory.

As many as a combined 977,652 shares have changed hands on the counter so far and there are pending buy orders for 86,380 shares on the BSE and NSE.

Reliance Mutual Fund has bought 457,405 shares of fine dine restaurant operator at an average market price of Rs 158.88 through block deal on first day of its listing. The name of the sellers however, was not disclosed by the company.

The initial public offer (IPO) of Speciality Restaurants was oversubscribed 2.54 times, leading to proceeds of Rs 175 crore. The proceeds will be used for opening new restaurants, repayment of term loan and general corporate purposes.