Prism Cement sells treasury stock to raise Rs. 88 crores

Prism Trust has sold its entire holding of 1,23,51,600 equity shares held in Prism Cement Ltd. The Company is the beneficiary of the Trust. The Prism Trust, which was formed in March 2010, was created after the merger of erstwhile H. & R. Johnson (India) Limited and erstwhile RMC Readymix (India) Private Limited with the Company. The Trust will realise approximately Rs. 88 crores, at an average price of about Rs. 71.50 per share.

HDFC Mutual Fund is the buyer of the tranche.

Shares of PRISM CEMENT LTD. was last trading in BSE at Rs.76.3 as compared to the previous close of Rs. 70.45. The total number of shares traded during the day was 14219798 in over 23130 trades.

The stock hit an intraday high of Rs. 79.4 and intraday low of 69.9. The net turnover during the day was Rs. 1024663941.

Source : Equity Bulls

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