Stock Market Live Updates-Sensex up over 150 pts, Nifty hits 9900; Nilekani lifts Infosys 4%

Future Enterprises said the board of directors, of the company approved for the offer for sale of shares of its subsidiary company, Future Supply Chain Solutions (FSCSL), and participation of the company upto 5 percent of paid up capital of FSCSL.

FSCSL has filed the draft red hearing prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for a public offer of up to 97,84,570 equity shares representing 25 percent of the existing issued and paid-up equity share capital of FSCSL for cash, through an offer for sale.

The issue consists of offer for sale of 19,56,914 equity shares held by the company in FSCSL representing up to 5 percent of the existing issued and paid-up equity share capital of FSCSL; and 78,27,656 shares held by Griffin Partners (other participating shareholder) in FSCSL representing up to 20 percent of the existing issued and paid-up equity share capital of FSCSL.

Equity benchmarks started off the week on a strong note, with the Nifty reclaiming 9,900 level, largely driven by Infosys.

The 30-share BSE Sensex was up 154.47 points at 31,750.53 and the 50-share NSE Nifty gained 40.15 points at 9,897.20.

Infosys surged 4 percent as CLSA upgraded the stock to buy from underperform and raised target price to Rs 1,070 from Rs 940 after co-founder Nandan Nilekani joined the company again as non-executive chairman. CEO choices & strategy should improve, the research house said.

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