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Diamond Power touches roof on report of Jiangsu Longzhe acquiring majority stake

01 Aug 2016 Evaluate

Diamond Power Infrastructure is currently trading at Rs. 41.60, up by 3.75 points or 9.91% from its previous closing of Rs. 37.85 on the BSE.

The scrip opened at Rs. 41.60 and has touched a high and low of Rs. 41.60 and Rs. 40.70 respectively. So far 5,09,000 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 62.65 on 13-May-2016 and a 52 week low of Rs. 22.05 on 29-Mar-2016.

Last one week high and low of the scrip stood at Rs. 42.75 and Rs. 37.60 respectively. The current market cap of the company is Rs. 237.12 crore.

The promoters holding in the company stood at 32.89%, while Institutions and Non-Institutions held 15.66% and 51.45% respectively.

Chinese conglomerate Jiangsu Longzhe is reportedly all set to buy majority stake in Diamond Power Infrastructure for around Rs 840 crore or $125 million. In this regard, the banks had invoked the strategic debt restructuring (SDR) clause last week, which will help them in acquiring control of the company.

Jiangsu Longzhe is likely to invest in $25 million as equity; the remaining $100 million will be infused as debt. Initially, the Chinese company would buy 26% from lenders and will increase stake to 51% though an open offer to public subsequently.

Diamond Power Infrastructure is engaged in five business verticals--cables (low, high and extra high voltage), conductors, transformers, towers and various EPC projects-- where it undertakes planning, designing and commissioning of turnkey transmission and distribution projects.


Diamond Power Infra Share Price

149.55 1.40 (0.94%)
17-Apr-2026 16:59 View Price Chart
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