JK Tyre and Industries share price locked at 10 percent upper circuit on March 26 after the company board approved raising stake in the subsidiary company.
There were pending buy orders of 1,525 shares, with no sellers available.
The board approved increasing stake in the company’s stake in Cavendish Industries, a subsidiary of the company, from 69 percent to 71.91 percent on a standalone basis and from 85 percent to 86.41 percent, with its subsidiary.
The company’s subsidiary JK Tornel SA De CV, Mexico holds 16 percent stake in Cavendish Industries.
There is no regulatory/government approval requirements and the acquisition is expected to be completed within 15 days.
At 12:10 hrs, JK Tyre and Industries was quoting at Rs 38.80, up Rs 3.40, or 9.60 percent on the BSE.
courtsey By – https://www.moneycontrol.com/news/buzzing-stocks/jk-tyre-locked-at-10-upper-circuit-co-to-raise-stakesubsidiary_13615221.html