The company plans to raise funds to the tune of Rs 1,200 crore.
The share touched its 52-week high Rs 99.20 and 52-week low Rs 45.95 on 04 December, 2018 and 15 October, 2019, respectively.
Top 10 companies which saw a double-digit rise in promoter pledge in Q1 include names like Jindal Steel, Kesoram Industries, Orient Electric, IndusInd Bank, Bharat Wire etc.
Now its (Manav) total encumbered shares increased to 16.64 percent against its shareholding in the company of 23.82 percent.
The official said stock exchanges had given in-principle clearance. "We are waiting for SEBI's approval. Then we will approach the NCLT", he said.
With the proposed spin-off, Kesoram said its focus on the both its businesses viz cement and tyre would get even further sharpened and pave the way for their robust growth.
Report said Kesoram is looking to induct a strategic partner in its tyre business post demerger as it has been a loss-making unit for many years.
Indusind Bank sold 75,00,000 shares of Kesoram Industries at Rs 137.
Ashwani Gujral of ashwanigujral.com suggests selling Yes Bank on rallies while he feels that JK Cement may head towards Rs 1350.
G Chokkalingam, Founder & Managing Director of Equinomics Research & Advisory expects MRF to hit Rs 1 lakh in the next 3 years while advises selling Apollo Tyres.
Total income of the company was down 6.5 percent at Rs 1,103.6 crore versus Rs 1,179.8 crore.
Ashwani Gujral of ashwanigujral.com is of the view that one can sell Tata Steel, Bharat Financial and Arvind and buy EIH and Kesoram Industries.
I am not saying that D-Mart is not a good stock but not at a price above Rs 600 and those who want to buy it with a long-term view, I would advise them to look at a level around Rs 550, said SP Tulsian.
At the end of Q3, a whopping 41 percent of corporate debt is with companies whose earnings are less than their interest outgo. Credit Suisse's MD and Head of Research Ashish Gupta shares his detailed analysis with CNBC-TV18's Latha Venkatesh on a special show - Indianomics.
Ashwani Gujral of ashwanigujral.com recommends buying Welspun India, Union Bank of India and Kesoram Industries.
B K Birla Group firm Kesoram Industries today reported narrowing of its standalone net loss to Rs 68.78 crore for the quarter ended December 31, 2016 on higher sales from cement division.
Rakesh Bansal of RK Global recommends buying BEML with a target of Rs 1313 and Havells India with a target of Rs 455.
According to Ashwani Gujral of ashwanigujral.com, one can buy MOIL, Torrent Power and Kesoram Industries.