Jain Irrigation rises as Macquarie Bank buys stake

Macquarie Bank has bought 4.42 million shares representing 1.14% stake from Fundamental Investors INC at price of Rs 74.20 per share

Jain Irrigation Systems is trading higher by 3% at Rs 76.65, extending its 6% rally in past three trading days after Macquarie Bank acquired more than 1% stake in the company through bulk deal.

Macquarie Bank Limited has bought 4.42 million shares representing 1.14% stake in the company from Fundamental Investors INC at price of Rs 74.20 per share on June 07, 2012 on the National Stock Exchange (NSE).

The stock opened at Rs 75.25 and hit a high of Rs 77.80 on the NSE. A combined 1.91 million shares have changed hands on the counter so far on both the exchanges.