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Shalimar Paints shares spiked ahead of Hella Infra share-swap deal

The stock jumped 20% on 3 August on unusually heavy volume, drawing a same-day query from India’s National Stock Exchange.

Reported · Written up by our desk · Trade & Tariffs

Shalimar Paints shares surged about 20% on 3 August on unusually high trading volumes, days before the company disclosed a share-swap plan with Hella Infra Market Ltd, according to LiveMint Markets.

The outlet said Shalimar’s board approved the share-swap on 12 August, under which Hella Infra Market shareholders would collectively receive more than 77% of Shalimar Paints.

LiveMint Markets reported that 3 August was marked by heavy turnover, with the shares opening at ₹67.68 and closing at ₹80.01, while traded value reached ₹34.74 crore and 4.52 million shares changed hands.

LiveMint Markets added that the National Stock Exchange of India issued a query to Shalimar the same day about the significant increase in volume, and noted the market could face regulatory back-and-forth as shareholders are asked to approve the transaction.

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