Hinduja Ventures up 4% on divestment of stake in energy arm

Moneycontrol BureauShares of Hinduja Ventures gained more than 4 percent intraday Friday as it has announced divestment of its stake in Hinduja Energy.The company at its meeting held December 22, has approved the disinvestment of 4,36,47,056 equity shares of Rs 10 each held by the company in Hinduja Energy (India), in tranches, as per independent valuation of Rs 31.58 per share to third party.The board has also approved the subscription of 16,57,408 equity shares of Rs 10 each offered by Hinduja Leyland Finance on right basis at a price of Rs 79 per share and 11,394 equity shares renounced in favour of the company at a price of Rs 79 per share.The company's shareholding after subscription of above shares will increase to 2,15,57,692 equity share (5.23 percent) on the enhanced equity paid up capital of Hinduja Leyland Finance.The company is likely to complete the above acquisition by February 25, 2017.At 09:50 hrs Hinduja Ventures was quoting at Rs 513, up Rs 13.00, or 2.60 percent on the BSE.Posted by Rakesh Patil