BackREC shares gain 4% as UBS Principal Capital Asia buys stake in company
UBS Principal Capital Asia purchased 22 million equity shares, or 1.11% equity, of REC at an average price of ₹102.25 per share via bulk deal on the BSEEastspring Investments sold 13.3 million equity shares in REC
PremiumMUMBAI: Shares of REC Ltd closed 4% higher on Wednesday after UBS Principal Capital Asia bought 1.11% stake in the company via bulk deal on Tuesday. The share had gained as much as 5% intraday.
The shares closed at ₹100.80. The benchmark index Sensex gained around 1% to close at 34247.05.
On Tuesday, UBS Principal Capital Asia purchased 22 million equity shares, or 1.11% equity, of REC at an average price of ₹102.25 per share via bulk deal on the BSE.
Eastspring Investments -- developed and emerging Asia -- sold 13.3 million equity shares, or 0.67% equity, in REC at an average price of ₹102.25 via bulk deal on BSE. It held 1.03% stake in REC as on 31 March.
From the beginning of the year, the stock has fallen 29% compared with the 17% decline in the benchmark index Sensex. From its 52-week low recorded in March, the stock has gained 28% compared to 20% gain in the benchmark index.
REC is engaged in financial services and other activities like credit granting. The firm provides finance to power sector. It finances and promotes rural electrification projects all over the country.
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