BGR Energy spikes over 9%
BGR Energy is up strongly in the green today, currently at Rs.114.20, up 9.23%, closer to its intra day high at Rs.117.70. Volumes are huge at almost 2.5 lakh shares changing hands today morning, compared to less than 1 lakh shares over past two weeks average.
This stock, along with Sah Petro (up over 6%) and like Tata Tele Maha is up after SEBi revoked restrictions it had imposed on these companies for not complying with the 25% minimum public shareholding requirement . TTML, which issued a bonus and reduced promoters stake, BGR decided to divest 6.13% stake or 44.22 lakh shares through an Offer for sale on 3rd June 2013. It was able to sell only 3.12% through this OFS but this helped bring down the stake from 81.13% to 78.01%. Post this, the company held another OFS on 5th July and this time around, managed to get down the stake to 74.98%.