Balrampur Chini hits upper circuit after ICICI Bank buys stake in NBFC arm

Prior to the above investment, Balrampur Chini Mills held 50% of the Equity Share Capital in Auxilo Finserve, which now stands at 45.05%, the company said.

Mar 27, 2020 08:03 IST India Infoline News Service

Balrampur Chini Mills
Shares of Balrampur Chini Mills hit 10% upper circuit on the BSE. The company announced that ICICI Bank has invested Rs51.09cr in Auxilo Finserve, an associate company, by way of subscription to its 3.40cr equity shares of Rs10 face value per share, constituting 9.90% of its Equity Share Capital at a premium of Rs5 per share, pursuant to the definitive agreements executed on March 25, 2020.

Prior to the above investment, Balrampur Chini Mills held 50% of the Equity Share Capital in Auxilo Finserve, which now stands at 45.05%, the company said.

Auxilo Finserve is a NBFC engaged in the business of providing education loans and/or loans to educational institutions, it added.

The stock is currently trading at Rs90, up by Rs8.15 or 9.96% from its previous closing of Rs81.85 on the BSE.

The scrip opened at Rs90 and has touched a high and low of Rs90 and Rs90 respectively.

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