Mahindra Lifespace surges on heavy volumes

As of November 16, 2012, FIIs holding in the company has reached 27.22% from 26.58% at the end of September 2012 quarter.

Mahindra Lifespace Developers has surged 8% to Rs 440 on back of heavy volumes after foreign institutional investors (FIIs) increased their holdings in the company by around one percentage points in past one-and-half month.

“As of November 16, 2012, FIIs holding in the company has reached 27.22% of the paid-up equity capital,” the Mumbai-based real estate developer said in a statement. The overseas investors held 26.58% stake at the end of September 30, 2012.

The overall limit for FIIs in the share capital of the company is up to 30% of the paid-up equity capital of the company.

The stock opened  at Rs 407 and hit a 52-week high of Rs 454 on the NSE. As many as a combined 320,558 shares have changed hands on the counter so far against an average less than 20,000 shares that were traded daily in past two weeks.