Close [X]

Promoters hike stake in Hindustan Motors by 7%


Hindustan Motors, better known as the maker of Ambassador cars, today said four promoter group firms have increased their stake in the company to 32.19% by picking up an additional 6.82% through preferential allotment.

Promoter group firms, Central India Industries, Amer Investments (Delhi), Bengal Rubber Co and Hindustan Discounting Co have together acquired 11.8 million shares of the company on March 12, Hindustan Motors said in a filing to the BSE.



The mode of acquisition is through preferential allotment, it added.

While the company did not specify financials involved in the transaction, as per the closing stock price of Rs 11.42 per share on March 12 on the BSE, it is estimated to be worth Rs 13.47 crore.

Scrips of Hindustan Motors ended the day at Rs 10.55 per share, down 1.49% from the previous close on BSE.