Hinduja Ventures up over 4%
Hinduja Ventures announced yesterday late in the evening that its Board approved the disinvestment of 4,36,47,056 equity shares of Rs. 10/- each held by the Company in Hinduja Energy, in tranches, as per Independent Valuation of Rs. 31.58/- per share to third party.
Another news was that the Board also approved subscribing to 16.57 lakh shares of Rs.10 each, offered by Hinduja Leyland Finance on a right basis at a price of Rs.79/share. Some 11,394 shares are being renounced in favor of the company at a price of Rs.79/share.
Post this rights issue, Hinduja Ventures stake in Hinduja Leyland Finance will stand at 5.23% on the increased equity; the acquisition is to be completed by 25th Feb, 2017.
These two news have really got the stock price going where it rose over 4% to Rs.521. Its 52-week high stands at Rs.600.70.