EPC Industries rallies on Reliance Net stake buys

Reliance Net has purchased 1.49 million shares representing 5.39% of total equity of the company through open market on January 8.

EPC Industries has rallied 8% to Rs 164, extending its previous day’s 10% surge after the company said that Reliance Net has acquired more than 5% stake in the company via open market transaction on Tuesday.

“Reliance Net has purchased 1.49 million shares representing 5.39% of total equity of the company at an average price of Rs 128 per share through open market on January 8, 2013,” EPC Industries said in a statement.

Meanwhile, Credit Renaissance Fund offloaded its entire 4.78 million shares or 17.31% stake in micro irrigation systems maker EPC Industries, at an average price of Rs 128, aggregating the deal size to Rs 61.20 crore, according to the stock exchange data.

 

Besides Reliance Net, six other entities, including Reliance Capital Asset Management, Indea Ankam Master Fund, Meena Ashwin Kothari, Aadi Financial Advisors LLP, Shardul Securities Ltd and Morgan Stanley Asia (Singapore) PTE bought a total of 4.57 million shares in EPC Industries, the BSE data shows.

The stock opened at Rs 153 and hit a record high of Rs 166 on the BSE. Around 58,000 shares have changed hands on the counter in morning deals.