BigBloc Construction gained almost 6 percent on June 10 after the Shankar Sharma-backed firm started commercial production at its Rs 65-crore plant in Gujarat, marking the beginning of its operations in India.
Ace small-cap investor Sharma bought 0.51 percent stake, or 365,000 shares, in the firm at an average price of Rs 235 in May. The total value of the deal is Rs 8.57 crore.
The stock closed 5.92 percent higher at Rs 236.15.
The building block manufacturer, which has set up a plant in Kheda, makes AAC wall products for the Indian market. It is a joint venture between Thailand’s SCG International Corporation Co Ltd and Gujarat-based BigBloc Construction Ltd.
BigBloc Construction holds a 52 percent stake in the JV, while 48 percent is with SCG International. This is SCG Groupa’s first investment in India.
So far, an investment of Rs 65 crore has been made in the Kheda plant, which has an annual capacity of up to 2.5 cubic meters per annum. It will introduce large format AAC wall products of 8-12 feet in India and manufacture AAC blocks, it said.
"Moving forward, SCG and Bigbloc will work together on all building material solutions to strengthen the supply chain in India, leverage each other's capabilities, and provide exceptional solutions to the construction industry," Naresh Saboo, Managing Director, BigBloc Construction Ltd, said.
The project has the potential to expand to 500,000 cubic metres per year in the second phase, he added.
With inputs from PTI
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