India Cements’ shares surge 19.95% as Damanis buy

India Cements Ltd. (ICL) shares rose 19.95% on the BSE on Wednesday, following the acquisition of its shares by investors Radhakrishnan Damani and his brother Gopikishan Damani.

The Damanis increased their stake in the company through open market deals in the BSE and NSE respectively.

In a regulatory filing, Mr. Gopikishan Damani said he had purchased 2.25 crore shares of ICL along with Mr. Radhakrishnan Damani and Shrikantadevi R. Damani and Derive Investments (partners — Mr. Gopikishnan Damani and Mr. Radhakrishnan Damani).

Earlier, the Damanis had purchased 1.46 crore shares. With the current buy, their total stake in ICL rose to 11.98% from 4.71%, they said in a regulatory filing.

India Cements shares closed at ₹104.60 on the BSE. According to BSE, India Cements shares traded above the ₹100-mark in the first week of June 2019.

Mr. Radhakrishnan Damani, said to be the second richest Indian and founder of DMart Supermarket, raised his stake in India Cements to 4.71% from 1.3% during September 2019.