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Indraprastha Medical shares hit 52-week high on stake acquisition by Quant Small Cap Fund
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
The New Delhi-based super specialty tertiary care hospital is a collaboration between Apollo Hospitals and the Delhi Government. IMCL operates two hospital facilities, one located in New Delhi and the other in Noida, Uttar Pradesh.
Shares of specialty tertiary care hospital Indraprastha Medical Corporation Ltd (IMCL) surged more than 7% to hit a fresh 52-week high on Tuesday after Quant Small Cap Fund acquired 5.5 lakh shares in the company for nearly ₹14 crore.
The purchase of 5,50,000 shares, representing a 0.59% shareholding, was made at an average price of ₹249.59 per share, according to bulk deal data disclosed to the stock exchanges on Monday.
The New Delhi-based super specialty tertiary care hospital is a collaboration between Apollo Hospitals and the Delhi Government. IMCL operates two hospital facilities, one located in New Delhi and the other in Noida, Uttar Pradesh.
Following the positive development, the stock surged as much as 7.8% to hit its 52-week high of ₹262.05 apiece on the BSE.
This has helped in driving the company’s market capitalisation to more than ₹2,370 crore.
As of March 2024, together, the promoters own 51% of the company’s stake. The Government of NCT of Delhi holds 26%, and the Apollo Hospitals Group owns 25%. However, the government of NCT of Delhi has not yet dematerialised its shareholding.
Earlier this month, HDFC Bank divested a substantial portion of its shares in Indraprastha Medical Corporation Ltd (IMCL).
According to a regulatory disclosure on April 4, the bank confirmed the sale of a 3.03% equity stake in IMCL, amounting to ₹55.46 crore. This divestment took place through several transactions on the National Stock Exchange (NSE) between February 29 and April 4, 2024.
Throughout this period, HDFC Bank offloaded a total of 2,781,897 shares of IMCL, resulting in a decrease in its ownership stake in the company from 5.48% to 2.45%.
Shares of IMCL were trading 5.26% higher at ₹258.2 apiece on the BSE at 12:14 pm.
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