McLeod Russel shares gain 12% after block deal
Mumbai: McLeod Russel India Ltd on Tuesday recovered from its early morning losses and was trading over 12% higher after a huge block deal in which its promotor Kamal Kishore Baheti sold nearly 9% stake in the company.
The company said in a notice to BSE that Kamal Kishore Baheti, the trustee for Borelli Tea Holdings Ltd, has sold 10 million shares representing around 9% stake in the company. However, the buyers’ name was not known.
After the block deal, the stock fell as much as 6.4% to Rs205 a share, and at this price, the aggregate value for the stake sale was at Rs205 crore.
However, the stock soon erased all the losses and gained as much as 12% to Rs246 a share, a level last seen on 2 June 2015 at 10.32am. The stock has gained in the last nine out of 11 trading sessions and rose 45% in this period. So far this year, it has gained 60.56%.
As of September quarter, Baheti held nearly 24.73% stake, and with this stake sale, he now holds around 15.59% stake in the company.