Investment firm BlackRock bought over 31.19 lakh shares via two funds in Titagarh Rail Systems as promoter Rashmi Chowdhary cut her stake in the company.
What Happened: On June 26, BlackRock Global Emerging Markets Fund bought over 9.46 lakh of the firm's shares for ₹153.12 crore via a bulk deal. Meanwhile, BlackRock Global Funds bagged more than 21.73 lakh shares for ₹351.62 crore through a block deal on the BSE.
Blackrock's purchase was at an average price of ₹1,618 per share. Paris-based financial firm BNP Paribas also bought 5.20 lakh shares for ₹84.18 crore via a block deal.
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Chowdhary sold over 52 lakh lakh shares at a price of ₹1,618 in the deal. Chowdhary is a promoter of the railway company. As per shareholding data, she held a 9.52% stake in Titagarh Rail Systems as of March 31.
Titagarh Rail stock has clocked multibagger returns. Over the past year, the stock has surged over 200%. On a year-to-date basis, the stock has surged more than 81%.
Price Action: Titagarh Rail System's share price was up 6.8% to trade at ₹1874 in the early hours of trading on Thursday. The stock jumped up over 7% to hit a new all-time high of ₹1,896.95.
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