Nitco Tiles flares up on stake sale reports
Shares of Nitco Tiles flared up on Monday on reports that foreign investors Lehman Brothers, Citigroup, Merrill Lynch, Deutsche Bank and Reliance Capital have picked up stake in the company for Rs 170 crore.
By INDIATIMES NEWS NETWORK |
MUMBAI: Shares of Nitco Tiles flared up on Monday on reports that foreign investors Lehman Brothers, Citigroup, Merrill Lynch, Deutsche Bank and Reliance Capital have picked up stake in the company for Rs 170 crore.
At 12:55 pm, the share was at Rs 306.50, up 7.54 per cent or Rs 21.50 with volume of 29570 shares. The stock touched an intra-day high of Rs 324 and an intra-day low of Rs 285.
According to reports, the new equity holders will be routing their investment in the company through the qualified institutional investor route. The institutional investors are believed to have picked up the stake at Rs 270 per share.
Nitco Tiles chairman and MD Vivek Talwar declined to comment on the deal.
Nitco Tiles is adding an additional capacity of 60 per cent to take its total installed annual capacity to 6.3 million square metres.
Currently, the company is doubling the production capacity at its Alibaug plant. The company has planned a capital expenditure of Rs 80 crore to double its capacity up to 24,000 square metre a day from the existing 13,500 square metre.
At 12:55 pm, the share was at Rs 306.50, up 7.54 per cent or Rs 21.50 with volume of 29570 shares. The stock touched an intra-day high of Rs 324 and an intra-day low of Rs 285.
According to reports, the new equity holders will be routing their investment in the company through the qualified institutional investor route. The institutional investors are believed to have picked up the stake at Rs 270 per share.
Nitco Tiles chairman and MD Vivek Talwar declined to comment on the deal.
Nitco Tiles is adding an additional capacity of 60 per cent to take its total installed annual capacity to 6.3 million square metres.
Currently, the company is doubling the production capacity at its Alibaug plant. The company has planned a capital expenditure of Rs 80 crore to double its capacity up to 24,000 square metre a day from the existing 13,500 square metre.
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