The Chennai-based retail broking company, Apollo Sindhoori Capital Investments (ASCIL) jumped 9.55 per cent to close at Rs 57.95 after Aditya Birla Nuvo said that its board has approved the acquisition of 56 per cent stake in the company for Rs 198.8 crore.
The acquisition price is about Rs 64 a share, a premium of 10 per cent over the prevailing market price. ASCIL has a strong distribution network of over 190 owned branches and 570 franchisee branches and these will increase the reach and accessibility of the financial services products.
The stock made an intraday high/low of Rs 58.15/Rs 53.50. The total traded quantity was 19,57,281 shares vis-à-vis the two week average of 26,744 shares.
