Pearl Global shares surge nearly 8% after HDFC Mutual Fund stake purchase

By Aditya Bhagchandani Published on July 16, 2024, 12:06 IST

Shares of Pearl Global Industries Ltd. (PGIL) surged nearly 8% on Tuesday following HDFC Mutual Fund’s acquisition of almost 2% stake in the company through block deals on Monday.

According to data on the BSE, HDFC MF bought 4.47 lakh equity shares of Pearl Global at an average price of ₹731 each.

Investor Sanjiv Dhireshbhai Shah, who held a 7.5% stake in Pearl Global at the end of the June quarter, sold 2.77 lakh shares in this transaction.

Additionally, Pearl Global launched a Qualified Institutional Placement (QIP) on Monday to raise funds. The floor price for the QIP is set at ₹748.68 per share, which is a 1.5% discount to Monday’s closing price.

As of 12:00 PM, the shares were trading 6.62% higher at ₹810.25 on the NSE.

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Aditya Bhagchandani

Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.