Shares of Diamond Power Infrastructure zoomed 15% to Rs 27 on the Bombay Stock Exchange after Kotak Mahindra Bank said that its subsidiary has acquired stake in Diamond Power Infrastructure.
The Company's subsidiary, Kotak Mahindra (International) Limited (KMIL), a Foreign Portfolio Investor (FPI) has acquired 38,68,606 equity shares at Rs. 23.65 each, aggregating to Rs 9.16 crore being 6.8% of the paid-up capital of Diamond Power Infrastructure Limited, Kotak Mahindra Bank said in a release.
Following the acquisition, aggregate shareholding by Kotak Mahindra Bank Ltd and its subsidiaries/Funds managed by subsidiaries has increased to 9.6% of the paid-up capital of Diamond Power Infrastructure Limited, the release added.
The stock opened at Rs 26 and touched a high of Rs 28. At 11:25am, over 1.83 million shares were traded on both the stock exchanges.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.