Apeejay Surrendra Park Hotels shares rise 7% after three funds buy stake in open market

Shares of Apeejay Surrendra Park Hotels Ltd zoomed another 7% in early trade today after three funds bought stake worth Rs 242.83 crore in open market transactions on their market debut.

Apeejay Surrendra Park Hotels shares rose 6.83% to Rs 217.35 on BSE. Market cap of Apeejay Surrendra Park Hotels climbed to Rs 4,397.64 crore.

Total 4.29 lakh shares of the firm changed hands amounting to a turnover of Rs 9.37 crore on BSE.

Quant Small Cap Fund lapped up  Rs 182.97 crore worth stake by buying 93,20,000 shares or a 4.37 percent at an average price of Rs 196.33 per share in open market transactions.

In another transaction, TT Asia Pacific Equity Fund purchased 11,25,349 shares in Apeejay Surrendra Park Hotels at Rs 186.15 per share. The stake amounted to Rs 20.94 crore worth of equity in the company.

AL Mehwar Commercial Investments LLC TreeFish purchased 20,90,992 shares at 186.15 apiece amounting to a stake worth Rs 38.92 crore in the company.

The stock made a strong debut on February 12. Shares of Apeejay Surrendra Park Hotels listed at a premium of 20.65% to the IPO issue price on Monday. The stock opened at Rs 187 against the IPO price of Rs 155 per share on BSE. Market cap of the firm rose to Rs 3,990 crore. On NSE, the stock opened at Rs 186. Market cap of the hospitality firm climbed to Rs 3,968 crore.

Later, the stock closed 31.25% higher at Rs 203.45 on BSE.

Apeejay Surrendra Park Hotels is engaged in the hospitality business operating under the brand names of 'The Park', 'The Park Collection', 'Zone by The Park', 'Zone Connect by The Park' and 'Stop by Zone'. The company, incorporated in 1987, is also engaged in the business of retail food and beverage industry through its retail brand 'Flurys'.

 

 

 

Also read: Stock recommendations by analyst for February 13: Wipro, Kalyan Jewellers and Dr Reddy's

 

 

Also read: Rashi Peripherals IPO allotment status available on BSE, Link Intime; stock listing on Feb 14; GMP at Rs 60-61