Foods & Inns zooms 20% after Derive Investments buys 5% stake

On Thursday, Derive Investment purchased 7,92,000 shares representing 4.72 per cent stake in Foods & Inns at price of Rs 184.06 per share on the BSE.

Shares of Foods & Inns were locked in the upper circuit of 20 per cent at Rs 223, also its record high on the BSE on Friday after RK Damani’s Derive Investments on Thursday bought nearly 5 per cent stake in the company from open market. The stock surpassed its previous high of Rs 217 recorded on April 19, 2018 in intra-day trade.

On Thursday, April 11, 2019, Derive Investment had purchased 7,92,000 shares representing 4.72 per cent stake in Foods & Inns for Rs 14.58 crore through block deal. The firm bought shares at price of Rs 184.06 apiece,