The promoters of Parag Milk Foods (which is in 14 stock screeners) say that they are looking to purchase 4.2 million shares of the company in the open market. They will be doing these transactions over the next few quarters in order to raise their stake in the firm to 51%. MD of the company, Devendra Shah, said that this was a signal that the management is "reposing faith in the long-term growth prospects" of the food company.
As of September shareholding, the company promoters held 45.96% in Parag Milk. Promoter/MD Devendra Shah has already purchased 200,000 shares from the open market, reported on November 15, as per insider trading/SAST data.