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Steel Exchange India shares rose 5% on FPI buying

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Steel Exchange India shares rose 5% on FPI buying
12 Jan 2022
5 min read

News Synopsis

The shares of Steel Exchange India (SEIL) rose 5% at Rs 238 on the National Stock Exchange after the foreign portfolio investor bought 5 million equity shares of the company through the open market sale.

Societe Generale acquired 500,000 equity shares representing a 0.57 % stake in the company for Rs 11.30 crore. The FPI bought the shares at Rs 226.02 per share through the bulk sale deal on the NSE. The names of the sellers are not disclosed.  

The board of the company also gave approval for the evolution of multiple options for restrictions with respect to business verticals of the company that will result in the better utilization of organic and inorganic assets of the company.

The board also deliberated the proposal and suggested the appointment of an advisor to prepare a feasibility report with options of the business model to unlock the value of the unutilized infra-assets of the company.