PE fund to buy stake in Marg subsidiary; stk up

PE fund Jacob Ballas will buy stake in Margs' Karaikal Port, reports CNBC-TV18.

The fund is likely to invest Rs 250 crore and the deal is likely to be announced soon. The company's management refused to comment on market speculation. Karaikal Port earlier raised Rs 350 crore from IFDC PE & Ascent Cap. Karaikal Port is a 100% subsidiary of MARG. Marg touched an intraday high of Rs 93.75 and an intraday low of Rs 88.25. At 11:54 hrs the share was quoting at Rs 91.70, up Rs 4.20, or 4.80%.
 
It was trading with volumes of 57,631 shares, compared to its 5-day average of 8,355 shares, an increase of 589.78%.
 
In the previous trading session, the share closed down 0.57% or Rs 0.50 at Rs 87.50.