Balrampur Chini Mills is currently the top gainer on the BSE, getting locked at the 10% UC at Rs.90 the moment it opened for trading.
The stock is reacting positively to the news that ICICI Bank has invested Rs. 52 crore in its Associate Company (Auxilo Finserve Pvt. Ltd.) by way of subscription to its 3,40,62,153 Equity Shares of Rs. 10 face value per share, constituting 9.90% of its Equity Share Capital at a premium of Rs. 5 per share, pursuant to the definitive agreements executed on 25th March 2020.
Prior to the above investment, Balrampur Chini held 50% of the equity share capital in Auxilo Finserve, which now stands at 45.05%.
Auxilo Finserve is a NBFC engaged in the business of providing education loans and/or loans to educational institutions.