India Cements share price rose over 6 percent in early trade on February 27 after billionaire Radhakishan Shivkishan Damani and his brother Gopikishan Damani increased their stake in the company for the second consecutive day.
Radhakishan Damani bought 27,25,468 equity shares of the cement company at Rs 104.16 per share, while its brother Gopikishan purchased 83,71,516 shares at Rs 98.42 per share on the NSE and Rs 15,92,130 shares at Rs 98.59 per share on the BSE, as per the bulk deal data available on exchanges.
In total, both acquired 1,26,89,114 shares (representing 4.09 percent of total paid-up equity) in the company, taking their shareholding in the company to 11.58 percent on February 26, up from 7.48 percent in the previous session.
Radhakishan bought first a 1.3 percent stake in India Cements in the quarter that ended in September 2019, another 3.43 percent in the December quarter of 2019, and yet another 2.75 percent on February 25.
At 09:18 hrs, India Cements was quoting at Rs 108.75, up Rs 4.15, or 3.97 percent on the BSE.