BF Utilities Locked In 10% Upper Circuit After R Damani Acquires Stake

On Tuesday, shares of BF Utilities were locked in a 10 percent upper circuit of Rs 220.8 apiece after the company released its latest shareholding pattern.

On Monday, BF Utilities posted its latest promoter shareholding pattern to the stock exchanges that showed that billionaire investor and founder of DMart supermarket chain Radhakishan Damani has acquired 1.3 percent equity stake, or 4.91 lakh equity shares, in Kalyani group company as of 30 June 2020.

At the end of March, he held less than one percent stake in the electric utility company.

It is the second known such investment made by Damani in the June-ended quarter. He also acquired 8,96,387 equity shares (representing 1.03 percent of the total paid-up equity capital) in Astra Microwave Products.

BF Utilities, which operates in the infrastructure segment, holds 74.52 percent stake in Nandi Infrastructure Corridor Enterprises, 69.53 percent in Nandi Highway Developers and 100 percent in Avichal Resources.

Meanwhile, BF Investment, another Kalyani Group company, surged as much as 19 percent on Tuesday.