Kesoram Inds divests stake worth Rs 429-cr; stock jumps 10%

As a part of its efforts to enhance cash inflow, B K Birla group firm Kesoram Industries today sold stakes worth Rs 428.53 crore in several listed companies, including Aditya Birla Nuvo and Grasim Industries, through open market transactions.
The shares were acquired by Camden Industries Ltd, block deal data available with BSE showed.
Among the companies whose stake were offloaded are Aditya Birla Fashion and Retail Ltd, Ultratech Cement Ltd, Century Enka Ltd, Century Textiles and Industries Ltd, Mangalam Cement Ltd and Mangalam Timber Products Ltd.
While, stake worth Rs 46.88 crore was sold in Aditya Birla Fashion and Retail Ltd, Kesoram Industries offloaded stake worth Rs 141.42 crore in Century Textiles and Industries.

Shares worth Rs 85.94 crore were sold in Mangalam Cement and shares with value of Rs 47.72 crore were offloaded by Kesoram in Aditya Birla Nuvo Ltd.
In Grasim Industries, the firm sold stake worth Rs 52.92 crore and Rs 25.88 crore worth stake was sold in Ultratech Cement.

Stakes worth Rs 23.52 crore and Rs 4.23 crore were sold in Century Enka and Mangalam Timber Products, respectively.
In December last year, Kesoram Industies' board had approved divestment of certain of its investments in listed companies at prevailing market prices for the purpose of enhancing cash inflows.
The timing of such divestments would depend upon market conditions and any approvals required for completing such transaction, Kesoram Industries had said in a regulatory filing.

Meanwhile, shares of Kesoram Industries touched its upper circuit limit to close at Rs 101.55 on BSE, a rise of 9.96 per cent over the previous close.
On NSE as well, it touched the upper circuit limit and closed at 101.65, a jump of 9.95 per cent. On the volume front, total 16,75,994 shares changed hands in the exchange.