Stocks

Bajaj Consumer Care zooms 20% after promoter sells stake

PTI New Delhi | Updated on October 16, 2019 Published on October 16, 2019

Shares of Bajaj Consumer Care zoomed 20 per cent on Wednesday after Bajaj Resources, a promoter of the consumer goods firm, offloaded around 22 per cent stake in the company.

The scrip jumped 20 per cent to ₹234.65, its upper circuit limit on the BSE. On the NSE, it advanced 19.17 per cent to ₹242.70.

Bajaj Resources on Tuesday offloaded around 22 per cent stake in the company for ₹628 crore through an open market transaction. As per exchange data, Bajaj Resources sold 3,22,65,100 shares representing 22 per cent equity stake of Bajaj Consumer Care at an average price of ₹194.56.

Bajaj Resources held 59.9 per cent 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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Published on October 16, 2019
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