Gillette India has moved higher by 6% to Rs 2,299 on reports that the Securities Appellate Tribunal (SAT) rejects the company’s bid to ease shareholding rules for the company.
The stock opened at Rs 2,200 and hit a high of Rs 2,340 on BSE. A combined 22,394 shares have changed hands on the counter till 1130 hours on BSE and NSE.
Gillette India had challenged Sebi's order before SAT after the market regulator rejected its proposal to bring down the promoter holding to 75%.
Gillette India is owned by The Procter and Gamble Co. (P&G), the world's largest consumer goods company. According to filings to the stock exchange, the promoters currently hold 88.76% of Gillette India.
