"Through this primary issue Nippon Express will hold 8.6 per cent stake on a fully diluted basis and FSC will raise around Rs 252 crore for funding its near-term growth plans," the company had said in a regulatory filing.
Further, Nippon Express had informed FSC that it had entered into a share purchase agreement with institutional shareholder(s) of FSC to acquire 5.86 million shares representing 14.6 per cent of existing share capital.
At 9:53 AM, the stock was trading 1.75 per cent higher at Rs 507.90 as compared to a 0.4 per cent gain in the benchmark Nifty50 index. Over 33,400 shares had changed hands on the NSE and BSE combined, so far. In the past month, the stock has climbed 3.8 per cent as compared to a 0.5 per cent gain in the Nifty50 index.