Realty firm Parsvnath Developers today said that its promoter and Chairman Pradeep Kumar Jain has increased stake in the company by buying 2 lakh shares from the open market for over Rs 71 lakh.
In a filing to the BSE, Parsvnath said that Jain bought 1,30,841 shares on the NSE for Rs 46.55 lakh and 69,159 shares on BSE for Rs 24.59 lakh.
Accordingly, the stake of Pradeep Jain has gone up to 24.99 per cent from 24.94 per cent.
As on March 31, 2013, Pradeep Jain had 24.55 stake in the company, while the promoters’ total stake was 72.02 per cent.
Sources said the promoters have been buying shares from open market and intend to increase stake to 75 per cent, the maximum limit permissible by the market regulator SEBI.
Shares of Parsvnath Developers today closed 1.83 per cent lower at Rs 34.90 apiece on the BSE.