Diamond Power zooms after Kotak Mahindra (International) buys stake

Kotak Mahindra (International) has acquired 6.8% stake for Rs 9.16 crore

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.