Bajaj Consumer Care zooms 20 pc after promoter sells stake
- Country:
- India
Shares of Bajaj Consumer Care zoomed 20 percent on Wednesday after Bajaj Resources, a promoter of the consumer goods firm, offloaded around 22 percent stake in the company. The scrip jumped 20 percent to Rs 234.65 -- its upper circuit limit on the BSE.
On the NSE, it advanced 19.17 percent to Rs 242.70. Bajaj Resources on Tuesday offloaded around 22 percent stake in the company for Rs 628 crore through an open market transaction.
As per exchange data, Bajaj Resources sold 3,22,65,100 shares representing a 22 percent equity stake of Bajaj Consumer Care at an average price of Rs 194.56. Bajaj Resources held 59.9 percent stake in Bajaj Consumer Care at the end of September quarter.
A host of fund houses, including Aditya Birla Sun Life Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund, and Steinberg India Emerging Opportunities Fund, were among the buyers of the shares.
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