Promoter of Granules India sells 3.09% stake for Rs 304 cr through open market | Information on Markets

Krishna Prasad Chigurupati, one of many promoters of Granules India, on Wednesday pared a 3.09 per cent stake within the firm for Rs 304 crore by way of an open market transaction.

In accordance with the block deal knowledge accessible on the NSE, Krishna Prasad Chigurupati offloaded 75 lakh shares, amounting to a 3.09 per cent stake in Granules India.

The shares had been disposed of at a median worth of Rs 405.08 apiece, taking the deal measurement to Rs 303.81 crore, as per the info on the Nationwide Inventory Alternate (NSE).

In accordance with a regulatory submitting on Wednesday, Granules India mentioned the first targets of the deal was to clear private debt, to launch the prevailing pledge on his holding within the firm, and making a small private liquidity.

“Chigurupati additional notified the corporate that he has no plans to promote his shareholding in Granules India Ltd within the foreseeable future.

“Submit this transaction, the whole promoter & promoter group shareholding within the firm has modified from 41.96 per cent to 38.87 per cent of the paid-up fairness share capital of the corporate,” the submitting mentioned.

Krishna Prasad Chigurupati’s holding as a promoter has modified from 34.78 per cent to 31.69 per cent of the paid-up fairness share capital of the corporate, it added.

In the meantime, Axis Mutual Fund, Dendana Investments (Mauritius), Constancy Funds India Focus Fund, Constancy India Fund, Constancy Korea – India Fairness Funding Belief-Mom and Lengthy Time period Fairness Fund had been among the many consumers of shares of Granules India.

Massachusetts Institute of Expertise, and Mumbai-based Outdated Bridge Capital Administration additionally picked up the shares of the corporate, as per the block knowledge on the NSE.

Shares of Granules India rose 4.61 per cent to shut at Rs 427.95 apiece on the NSE.

First Printed: Could 22 2024 | 10:00 PM IST