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At least 30 lakh shares, or 4.76% equity, changed hands in 12 large trades, according to Bloomberg data. The buyers were not immediately known.
WWD Ruby Ltd. had previously offered 30 lakh shares of Sapphire Foods, representing its entire stake in the company, at Rs 1,345-1,391 apiece, according to Bloomberg. The price range represents up to 3.3% discount on the stock’s last close on the NSE.
WWD Ruby Ltd. owns 4.76% stake in the company as of March 31, while Sapphire Foods Mauritius Ltd. holds 31.88%, according to Bloomberg data.
Sapphire Foods has a restaurant operating business in the Indian subcontinent, with more than 400 KFC, Pizza Hut and Taco Bell restaurants under their management across India, Sri Lanka and the Maldives.
Shares of Sapphire Foods surged 4.17% to Rs 1,449 apiece, before paring gains to trade 0.93% higher at Rs 1,403.95 apiece as of 9:45 a.m., compared with a 0.23% rise in the NSE Nifty 50.
The average traded volume so far in the day stood at 71.8 times its monthly average. The relative strength index was at 55.59.
Out of the 16 analysts tracking the company, 12 maintain a ‘buy’ rating, two recommend ‘hold’ and two suggest a ‘sell’ on the stock, according to Bloomberg data.
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