United Spirits' shares end 14% up as Morgan Stanley buys stake
Mumbai: United Spirits shares on Monday jumped nearly 14 percent after foreign fund house Morgan Stanley Asia increased its exposure to the company buying about 10.80 lakh shares for an estimated Rs 229 crore.
Shares closed 13.33 percent higher at Rs 2,460.35, after touching a high of Rs 2,484.45 in intra-day trade on the BSE.
At the National Stock Exchange, the stock rallied 13.94 percent to end at Rs 2,470. In terms of volume, 6.37 lakh shares of the company changed hands at the BSE, while over 29.87 lakh shares were traded at the NSE.
As per the data available with stock exchanges, Morgan Stanley Asia (Singapore) Pte on Friday bought 10,80,142 shares, amounting to 0.74 percent stake of United Spirits through an open market transaction.
The shares were purchased at an average price of Rs 2,118.23, valuing the transaction at Rs 228.79 crore, the data showed. The seller of the shares could not be ascertained.
As of May 31, Morgan Stanley Asia held 58.46 lakh shares, which is equivalent to 4.02 percent stake in United Spirits.