INSUBCONTINENT EXCLUSIVE:
Mumbai: Shares of Bajaj Consumer Care have rallied 34 per cent in two days after its promoters on Tuesday offloaded around 22 per cent stake
in the company for Rs 628 crore through open market transactions
Mutual funds lapped up shares sold by the the debt-ridden promoters
This has eased concerns over high promoter level debt and analysts expect the gains to continue.
The promoters will utilise the fund to
repay their personal debt
A host of funds including Aditya Birla Sun Life Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund and Steinberg India Emerging
Opportunities Fund, were among the buyers of shares.
The stock ended up 11.6 per cent at Rs 261.90 on Thursday
The company's chairman Kushagra Bajaj told ETNow on Thursday that there is no further debt at the promoter level post the stake sale
Definitely as per Sebi rules, you are allowed creeping acquisition and overtime, we will be raising our stake back to above 51 per cent over
