TTK Prestige doing well
TTK Prestige is doing well today morning. The stock is strongly up in the green, at Rs.3543, up almost 3%. Its intra day high is at Rs.3560. Exactly a year ago, on 5th June’12, the company had hit a new 52-week low at Rs.2705. Market cap stands at Rs.4000 crore.
The stock is buzzing today on after the company announced that promoters have sold 3.5 lakh shares to Cartica Capital, a Mauritius-based PE firm, at Rs 3,550/share, which was at a premium to Tuesday’s closing price of Rs.3453. Post this, promoter holding will come down from 74.96% to 70%. Cartica Capital will hold 5.6%, becoming the single largest investor. Funds raised could be used either to pare down its debt, which currently stands at Rs.110 crore or it could be used to improve fund flow for working on better economies.
Three other funds -F idelity Emerging Markets Fund, JP Morgan Funds and Thornburg Developing Fund, collectively, as at 31st March 2013 held 3.79% stake.