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Balrampur Chini Mills spurts as ICICI Bank raises stake in its associate company

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Balrampur Chini Mills was locked in 10% upper circuit at Rs 90 after ICICI Bank infused Rs 51.09 crore (Rs 510.93 million) in its associate company, Auxilo Finserve.

As per the company's intimation, ICICI Bank has invested Rs 51.09 crore (Rs 510.93 million) in Balrampur Chini Mills' associate company, Auxilo Finserve, by way subscribing to its 3.40 crore equity shares, representing 9.90% stake at a premium of Rs 5 per share, executed on Wednesday, 25 March 2020.

Balrampur Chini Mills held 50% stake in Auxilo Finserve, which now stands decreased to 45.05%.

Auxilo Finserve is a non-banking finance corporation (NBFC) engaged in the business of providing education loans and/or loans to educational institutions.

The news was announced after trading hours yesterday, 26 March 2020.

Balrampur Chini Mills is an integrated sugar manufacturing company. The firm is engaged in the manufacturing of sugar, ethanol and power. The company's segments include sugar, distillery, co-generation and others.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, March 27 2020. 09:22 IST