VST Industries Surges 20% in Upper Circuit After Block Deal Unveils 4% Stake Sale

2 Jan 2024 , 03:33 AM

VST Industries Limited witnessed a 20% surge in its shares, reaching Rs 4,060, and entered the upper circuit after a reported block deal involving a 4% equity stake.

The details of the buyers and sellers in the block deal were not immediately available, with six lakh shares changing hands during the trading session—significantly higher than the one-week and one-month averages.

Over the last year, the stock has gained over 23%, with ace investor Radhakishan Damani holding a 25% stake through Bright Star Investments and 4.76% through Derive Trading and Resorts Private Limited.

In 2001, Damani accumulated nearly 15% of VST Industries at an average price of Rs 88 per share and engaged in a bidding war with ITC for an additional 20% stake.

Despite Damani’s bid of Rs 151 per share for 30% of the company, he failed to win over the banks, insurance companies, and financial institutions holding a combined 22% of VST Industries.

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