Bulk Deals: Vedanta subsidiaries pick stakes in parent company; stock closes 8% higher

As many as dozens of companies’ shares witnessed change of hands during Tuesday’s trading session through open market. Vedanta’s subsidiary Twin Star Holdings Limited and Vedanta Netherlands Investments B.V bought 8,78,72,748 and 5,00,14,714 shares in the company at Rs 349.7 apiece each.

The promoters last week had announced that they would increase their stake in the company and also mulls group restructuring as well as a separate listing of the business. Global rating agency Moody’s sees no impact on credit quality post-business spin-off.

The shares of Vedanta jumped over 8 per cent to Rs 361 per share on the BSE, as compared to 0.34 per cent rise in the S&P BSE Sensex.

Parent company ASL Enterprises Limited sold 3,88,000 shares in ASL Industries at Rs 23.52 per share, while Sunayana Investment and Zuber Trading bought 1,96,000 and 1,72,000 shares in the company at Rs 23.45 and Rs 23.62 per share on the NSE, the bulk deals data showed.

Individual investor Kumat Vipul sold 1,26,296 equity shares to Micro Labs in Bal Pharma Limited at Rs 92.57 per share; similarly, Arjuna Fund bought 2,83,636 shares from Ashoka PTE in CL Educate Limited on the NSE, the bulk deals data.  

While another individual investor Anuradha Suri bought almost 55000 shares in Silgo Retail from Gautam Kumar Chordia at Rs 35.5 per share on the NSE, the bulk deals data showed.

In Vikas EcoTech Limited, individual investors Ranjeet Gaba and Vaneet Aggarwal each dumped 38,26,984 and 34,99,000 equity shares at Rs 2.7 and Rs 2.72 per share respectively on the NSE, as per the bulk deals data. 

A deal where the total quantity of shares bought or sold is greater than 0.5 per cent of the share capital of the company is called bulk deal. It can be transacted either through the normal trading window or through the block trading window.