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Pioneer Distilleries share sale gets tepid response

The offer for sale of 9.35 lakh shares,or about 7 per cent of the company,received bids for 55,100 shares,as per the data available on the BSE.

Written by Press Trust Of India | Mumbai | Published: October 24, 2012 12:48 am

The offer to sell 9.35 lakh shares of Pioneer Distilleries by its promoter United Spirits remained under-subscribed on Monday.

As on September 30,Vijay Mallya-led United Spirits held 81.99 per cent stake in Pioneer Distilleries.

The offer for sale of 9.35 lakh shares,or about 7 per cent of the company,received bids for 55,100 shares,as per the data available on the BSE.

The floor price for the sale is Rs 38,which is at a discount of over 20 per cent to the closing price of Rs 45.65. Based on the minimum bidding price,the sale would fetch over Rs 3.55 crore to the seller.

Shares of Pioneer Distilleries plunged 5 per cent to hit the lower circuit limit after United Spirits fixed the floor price well below the closing market price.

Route One Fund buys into McDowell

Route One Fund on Tuesday acquired more than 74,000 shares of UB group company McDowell Holdings for a little over Rs 67 lakh.

This was in addition to acquisition of 2.16 lakh shares for Rs 1.73 crore on Monday.

As per data with stock exchanges,Route One Fund I,LP bought 74,834 shares of McDowell Holdings at an average price of Rs 84.82,valuing the deal to Rs 63.47 lakh.

Shares of McDowell Holdings surged by 5 per cent to hit its upper circuit at Rs 85.10 apiece on the BSE.

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