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Shares of Prism Cement hit a new 52-week high at ₹79.40 after the company announced that Prism Trust sold its entire holding of 1.23 crore (2.45 per cent) equity shares at an average price of ₹71.50 a share.
The Trust, formed in March 2010, will realise about ₹88 crore from the share sale. Prism Trust was created after the merger of the Group’s business divisions H&R Johnson and RMC Readymix with the listed entity Prism Cement.
Prism Cement is an integrated building materials company with a range of products, including ready-mixed concrete, tiles and bathroom products.
Of the total shares offered by Prism Trust, HDFC Mutual Fund acquired 1.21 crore at ₹71.5, according to the bulk deal details recorded on the BSE. The bulk deal boosted volumes on the Prism Cement counter. About 1.24 crore shares were traded against 78,567 shares on Friday. The turnover value too increased substantially to ₹102 crore from ₹1.51 crore on Friday.
The shares closed at ₹76.30, a tad lower than its 52-week high as investors preferred to book profit. The stock hit the day’s low of ₹69.90.
It made a 52-week low of ₹22.80 on February 14. The small-cap company has an equity capital of ₹503 crore. Its shares have a face value of ₹10 each. Prism Cement’s net profit was down 23 per cent at ₹11 crore even as its income increased 10 per cent to ₹1,528 crore in the fourth quarter of FY14.
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