The promoters of Centrum Capital have increased their stake in the merchant banking firm through open market purchases, taking their total stake to 37.25 per cent in a ₹51-crore deal. The promoters — Jaspal Bindra and Chandir Gidwani — acquired a 5 per cent stake through a block deal on the BSE on Thursday.

The block deal of 1.95 crore shares was done through their investment company JBCG Advisory Services, sources close to the development said.

This is the maximum permissible limit of shares that the promoters can acquire in a financial year, the sources, who declined to be identified, added. When contacted, the promoters declined to comment.

While the BSE data confirmed the details of the block deal, the name of the sellers and buyers were not disclosed.

Indivision India Partners, an Everstone entity, is also an investor in Centrum.

Jaspal Bindra, former Asia-Pacific Chief Executive Officer at Standard Chartered, is now the Executive Chairman of Centrum Group and Chandir Gidwani the Chairman Emeritus.

Gap-up opening

Following the block deal, the company’s shares soared 18 per cent in morning trade. They closed up 10.11 per cent at ₹29.40 in a weak BSE, which ended down 1 per cent on Thursday.

A SEBI-registered Category-I merchant banker, Centrum Capital provides investment banking services, M&A advisory, corporate debt restructuring and private equity investments, among others.

Centrum, which was kicked off by Gidwani and Khushrooh Byramjee from a 1,000 sq ft space in Mumbai in 1995, has grown into a diversified financial services major, servicing over a million customers over the past 20 years.

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