Torrent Power extends gains on promoter stake buy

Torrent Private Limited, the promoter group company has acquired 2.99 million shares at Rs 152.89 per share

Torrent Power is trading up 2.5% at Rs 161 extending its previous day’s 7% rally after its promoter hiked stake in the company by around 1% through open market transaction.

Torrent Private Limited, the promoter group company acquired 2,990,000 shares representing 0.63% of total equity of power generation and distribution firm from Infrastructure Development Finance Company Limited (IDFC) through open market transaction.

On September 04, 202, IDFC sold 2,990,381 shares of Torrent Power at Rs 152.89 per share aggregating to Rs 45.72 crore through bulk deal on the BSE.

The stock opened at Rs 157.45 and has seen around 107,000 shares changing hands on the counter in opening trades on the BSE and NSE.