Mukand Limited soars 20% as promoter hikes stake to 73.3%

The promoters have hiked their stake in the company to 73.30% from 54.30% via rights issue.

Mukand Limited is locked in the upper circuit of 20% at Rs 24.95 on the BSE after the company said its promoters have hiked their stake in the company to 73.30% from 54.30%. The promoters have increased the stake via rights issue.

As on December 31, 2013, the promoters holding in the company stood at 54.33% while institutions and non-institutions held 11.30% and 34.37% stake in the company, respectively.

Mukand is engaged in manufacturing of alloy and stainless steel long products. The company operates in four segments namely steel, industrial machinery, road construction and other products.

The company has raised Rs 143 crore by issuing 68.29 million shares at  Rs 21 per share on rights basis.

Meanwhile, total institutional holdings in the company declined to 5.83% from 11.30% and non-institutional investors stake to 20.81% from 34.37%, the shareholding pattern data shows.

Life Insurance Corporation, the insurance giant stake in the company too declined to 5.11% from 9.89% post rights issue.

At 1350 hours, a combined 1.31 million shares have changed hands on the counter and there are pending buy orders for 82,687 shares on the BSE and NSE.