B.K. Birla group, the promoters of Kesoram Industries Ltd, has hiked its stake to 49.28 per cent from 27.22 per cent through participation in the company’s recent rights issue.
The diversified company allotted bonus share 64.04 lakh shares of Rs 10 each at a premium of Rs 55 a share early this month, the sources told Business Line .
Rekha Jhunjhunwala, wife of investor Rakesh Jhunhunwala, subscribed to the rights issue. Her present holding stands at 6.83 per cent, up from 3.28 per cent, a company disclosure to the stock exchanges said.
Rights issue was made in the ratio of seven equity shares for every five equity shares held in the company. The company raised Rs 416.2 crore through the issue. SBI Capital Markets and Religare Capital Markets were the lead managers to the rights issue.
Kesoram will hold its AGM on July 31. The stock is currently ruling at Rs 67.25 on the BSE.