The Hindu Business Line : Balrampur Chini falls 10% on BSE

KOLKATA: Shares of Balrampur Chini Mills on Tuesday fell by 10 per cent on the Bombay Stock Exchange (BSE) amid reports that stake sale by its promoters to the country's top sugar producer Bajaj Hindusthan failed to materialise.

In a notice to the BSE today, Balrampur Chini said, “We have to inform you that the promoters of Balrampur Chini Mills have not entered into any agreement with any party for sale of their stake in Balrampur Chini Mills.”

Earlier, the BSE had sought a reply from Balrampur Chini, citing media reports that suggested the company's promoters might sell their 36.67 per cent stake to Bajaj Hindusthan.

However, Balrampur Chini has informed the exchange that “some discussions were held with Bajaj Hindusthan on future business strategies”.

Balrampur Chini shares closed at Rs 134.30, down by 10.05 per cent from the previous close on the BSE while that of Bajaj Hindusthan rose 0.15 per cent to Rs 196.55.

At today's closing price, Balrampur Chini's market capitalisation stands at Rs 3,448 crore, compared with that of Bajaj Hindusthan at Rs 3,476 crore.

Earlier both the companies had declined to comment on the media reports. When asked about the stake sale by promoters, including him, Balrampur Chini Managing Director, Mr Vivek Saraogi said “Nothing right now. No comments.” - PTI

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