Equity Alert: GHCL shares hit upper circuit on report of stake sale

[K.Karthik Raja]

Equity Alert: GHCL shares hit upper circuit on report of stake sale
Wednesday, Jun 11
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Equity Alert: GHCL shares hit upper circuit on report of stake sale
MUMBAI--11:45AM--Shares of GHCL hit the upper circuit, gaining
over 20% at 54 rupees on reports Middle East-based conglomerate Al
Rostamani may buy 20% stake in the company for $200 mln
The Economic Times reported that the Al Rostamani group is in
talks with the current promoters, the Sanjay Dalmi group, to be the
largest shareholder in the company.
The prospect of an open offer to minority shareholders, should the
deal go through, has raised interest in GHCL shares.
The Indian promoters currently hold 47% stake in GHCL.
The stock has lost more than 40% of its value in the last one
month. This news came as a positive trigger. But it is unlikely the
stock will trade beyond 65 rupees in the short-term.
Tuesday the GHCL shares ended at 44.70, its lowest since June
2005. So far today, 823,756 shares of GHCL have been traded on NSE.