Pyramid Saimira soars 19% on stake buy news
Shares of Pyramid Saimira Theatre rose over 19 per cent after the theatre chain said its chairman plans raise his stake in the company by buying about 24.9 per cent of the equity from the founders.
By ET Online |
MUMBAI: Shares of Pyramid Saimira Theatre rose over 19 per cent after the theatre chain said its chairman plans raise his stake in the company by buying about 24.9 per cent of the equity from the founders.
Chairmant PS Saminathan plans to buy around 7 million shares, or 24.9 per cent of equity in the company, from founders NC Ravichandran and Nirmal Kotecha.
The shares are expected to be bought on November 28 at Rs 200 each and will raise Saminathan's holding in the company to 46.9 per cent.
Under Indian rules, anybody whose holding in a firm reaches 15 percent must make an open offer to buy a further 20 per cent stake.
At 11:30 am, the company's shares were up 18.9 per cent at Rs 72.65 with volume traded at 3,07,054 against two-week average of 2,24,054 shares.
Chairmant PS Saminathan plans to buy around 7 million shares, or 24.9 per cent of equity in the company, from founders NC Ravichandran and Nirmal Kotecha.
The shares are expected to be bought on November 28 at Rs 200 each and will raise Saminathan's holding in the company to 46.9 per cent.
Under Indian rules, anybody whose holding in a firm reaches 15 percent must make an open offer to buy a further 20 per cent stake.
At 11:30 am, the company's shares were up 18.9 per cent at Rs 72.65 with volume traded at 3,07,054 against two-week average of 2,24,054 shares.
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