Stake Sale Buzz Lifts Optel Tele To Upper Limit

The share price of Optel Telecommuni-cation hit the 20 per cent upper limit of the circuit breaker today on unconfirmed reports that the Madhya Pradesh government was planning to sell its 65 per cent equity stake in the company. The stock was locked at Rs 15.90, with over 1.07 lakh shares changing hands on the counter on the Bombay Stock Exchange.

In the last 15 trading sessions, the stock has zoomed by 179 per cent, from Rs 5.70 on June 3, accompanied by a surge in the traded volumes from 1,800 shares to over 1.07 lakh shares in the same period.

 

As per reports, a number of leading corporates and a few multinational companies have shown interest in acquiring the government