Techno Electric and Engineering Company has soared 16% to Rs 140 after promoter increased their stake in the company by over 4 percentage point to 59.28% via indirect acquisition.
The promoter group companies – Checons Limited, Kusum Industrial Gases Limited and Varanasi Commercial Limited have acquired control over Pragya Commerce Private Limited and Trimurti Associates Private Limited who holds 10,99,367 equity shares i.e. 1.93% and 13,60,926 equity shares i.e. 2.38% respectively in the company, Techno Electric and Engineering Company said in a regulatory filing.
The company has made the acquisition on Thursday, March 20, 2014.
As on December 31, 2013, the total promoters holding in the company stood at 54.97%.
The stock opened at Rs 120 and touched a high of Rs 143 on the BSE. The counter has seen huge trading volumes with 239,000 shares already changed hands so far against an average 16,000 shares that were traded daily in past two weeks on the BSE.
The promoter group companies – Checons Limited, Kusum Industrial Gases Limited and Varanasi Commercial Limited have acquired control over Pragya Commerce Private Limited and Trimurti Associates Private Limited who holds 10,99,367 equity shares i.e. 1.93% and 13,60,926 equity shares i.e. 2.38% respectively in the company, Techno Electric and Engineering Company said in a regulatory filing.
The company has made the acquisition on Thursday, March 20, 2014.
As on December 31, 2013, the total promoters holding in the company stood at 54.97%.
The stock opened at Rs 120 and touched a high of Rs 143 on the BSE. The counter has seen huge trading volumes with 239,000 shares already changed hands so far against an average 16,000 shares that were traded daily in past two weeks on the BSE.