Elantas Beck India rose 1.64% to Rs 538 at 9:52 IST on BSE after strong investor response to the divestment of the promoter's 3.39% stake in the company through the stock exchanges mechanism on Tuesday, 4 March 2014.
Meanwhile, the S&P BSE Sensex was up 53.62 points or 0.25% at 21,263.35.
On BSE, so far 30,000 shares were traded in the counter as against average daily volume of 11,073 shares in the past one quarter.
The stock hit a high of Rs 543.75 and a low of Rs 533.20 so far during the day. The stock had hit a 52-week high of Rs 654.85 on 4 March 2013. The stock had hit a 52-week low of Rs 356.95 on 11 September 2013.
The stock had outperformed the market over the past one month till 4 March 2014, surging 9.17% compared with the Sensex's 4.94% rise. The scrip had also outperformed the market in past one quarter, jumping 12.47% as against Sensex's 2.42% rise.
The small-cap company has equity capital of Rs 7.93 crore. Face value per share is Rs 10.
Elantas Beck India's promoter Elantas GmbH had put on block 2.69 lakh shares, representing approximately 3.39% stake of the company through Offer for Sale (OFS) via the stock exchanges mechanism on Tuesday, 4 March 2014. The OFS got bids for 18.99 lakh shares, compared with 2.69 lakh shares on offer, as per data from the stock exchanges. The OFS was subscribed 705.72% at an indicative bid price of Rs 502.07 per share. The floor price for OFS was fixed at Rs 450 per share.
Post OFS, the promoter Elantas GmbH's shareholding in the company stands at 75% from 78.39% earlier. As per market regulator Sebi's minimum public shareholding norms, the promoter shareholding in private companies should not exceed 75%.
Elantas Beck India's net profit rose 5.3% to Rs 6.78 crore on 12.5% growth in net sales to Rs 76.28 crore in Q4 December 2013 over Q4 December 2012.
Elantas Beck India manufactures a wide range of specialty chemicals for electrical insulation and construction industries.
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