Radhakishan Damani Acquires 5.2% Stake in This Micro-Cap Stock; Shares Zoom 16%

By Malvika Gurung

Investing.com — Shares of the micro-cap hotels company Advani Hotels and Resorts India (NS:) jumped 17% to Rs 98.2 at 11:50 pm, after hitting an upper circuit of 20% earlier in the session on Thursday.

The stock rallied after the company, in a regulatory filing on Feb 16 announced that ace investor Radhakishan Damani-led Derive Investments purchased 23.93 lakh equity shares or a 5.17% stake in the company.

The company informed that the acquisition of almost 24 lakh shares was made by the ace investor on Feb 14, followed by the allotment of shares, which was done on Feb 15. The company made the deal public, a day later on Feb 16.

The hotels company’s shares have nearly doubled over the past year, and its shares jumped almost 20% in the past month, with Covid-19 restrictions easing, stated an ET report.

Veteran investor Radhakishan Damani publicly holds 14 stocks, with a net worth of Rs 1.77 lakh crore, as per Trendlyne data.