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Shares of construction firm NCC today shot up by over 10 per cent as ace investor Mr Rakesh Jhunjhuwala, his wife Ms Rekha, and three other entities raised their stake in the company.
The shares opened on a robust note and further gained 9.97 per cent to Rs 44.10 on the BSE.
At the NSE, the scrip soared 10.11 per cent to Rs 44.10.
In terms of volume, 9.73 lakh shares of the company changed hands on the BSE, while over 44 lakh shares changed hands on the NSE.
Rekha and Rakesh along with three other entities — Rare Investments, Rajeshkumar Jhunjhunwala and Sushiladevi Gupta — purchased 7.5 lakh shares of NCC through open market transactions.
Following this acquisition, their total shareholding in the construction firm has gone up to 7.9896 per cent from 7.6973 per cent, NCC Ltd said in a regulatory filing yesterday.
The financial details were not disclosed.
Based on the current market price of Rs 44.10 on the BSE, the fresh stake would be worth a little over Rs 330.75 crore.
Before the acquisition, these entities had 1.97 crore company shares and that has now increased to 2.05 crore, the filing noted.
At the end of the 2012 March quarter, Ms Rekha Jhunjhunwala held 2.25 per cent shareholding, while Mr Rakesh Jhunjhunwala had 1.95 per cent stake in the company, according to data available on the BSE.
NCC was formerly known as Nagarjuna Construction Company.
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