Ennore Foundries to sell stake; stock surges
Shares of Ennore Foundries, renamed as Hinduja Foundries, advanced on Friday on reports that private equity players Blackstone and Primus Capital Partners are in race to pick up a minority stake in it.
By INDIATIMES NEWS NETWORK |
MUMBAI: Shares of Ennore Foundries, renamed as Hinduja Foundries, advanced on Friday on reports that private equity players Blackstone and Primus Capital Partners are in race to pick up a minority stake in it.
The Hinduja Group had decided to sell close to 10 per cent of its equity holding in its foundry business arm to raise around $80-100 million to part-finance its proposed capacity expansion plan and acquisition in the overseas market.
At 10:26 am, the share was up 7.88 per cent at Rs 178 on the BSE. It touched a high of Rs 189 and low of Rs 161 on volume of 4011 shares.
The Hinduja Group had decided to sell close to 10 per cent of its equity holding in its foundry business arm to raise around $80-100 million to part-finance its proposed capacity expansion plan and acquisition in the overseas market.
At 10:26 am, the share was up 7.88 per cent at Rs 178 on the BSE. It touched a high of Rs 189 and low of Rs 161 on volume of 4011 shares.
Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
Bookmark or read stories offline -
Download ET Markets APP
Download ET Markets APP
ADVERTISEMENT
