New Delhi: Krishna Prasad Chigurupati, one of the promoters of Granules India, on Wednesday sold 3.09 per cent stake in the company for Rs 304 crore through an open market transaction.
According to block deal data available on NSE, Krishna Prasad Chigurupati sold 75 lakh shares, equivalent to 3.09 per cent stake in Granules India.
According to National Stock Exchange (NSE) data, the shares were disposed of at an average price of Rs 405.08, taking the deal size to Rs 303.81 crore.
According to a regulatory filing on Wednesday, Granules India said the primary objective of the deal was to repay personal loan, release the pledge existing on its stake in the company and create a small personal liquidity.
"Chigurupathi informed the company that he has no plans to sell his stake in Granules India Limited in the near future.
"Following this transaction, the total stake of the promoter and promoter group in the company has increased from 41.96 per cent of the paid-up equity share capital of the company to 38.87 per cent," the filing said.
I said, the stake of Krishna Prasad Chigurupati as promoter has increased from 34.78 per cent to 31.69 per cent of the paid-up equity share capital of the company.
Meanwhile, Axis Mutual Fund, Dendana Investments (Mauritius), Fidelity Fund India Focus Fund, Fidelity India Fund, Fidelity Korea - India Equity Investment Trust-Mother and Long Term Equity Fund Granules India were among the buyers of shares.
Massachusetts Institute of Technology and Mumbai-based Old Bridge Capita Management also bought shares in the company, according to NSE block data.
Shares of Granules India closed 4.61 per cent higher at Rs 427.95 on the NSE.
According to block deal data available on NSE, Krishna Prasad Chigurupati sold 75 lakh shares, equivalent to 3.09 per cent stake in Granules India.
According to National Stock Exchange (NSE) data, the shares were disposed of at an average price of Rs 405.08, taking the deal size to Rs 303.81 crore.
According to a regulatory filing on Wednesday, Granules India said the primary objective of the deal was to repay personal loan, release the pledge existing on its stake in the company and create a small personal liquidity.
"Chigurupathi informed the company that he has no plans to sell his stake in Granules India Limited in the near future.
"Following this transaction, the total stake of the promoter and promoter group in the company has increased from 41.96 per cent of the paid-up equity share capital of the company to 38.87 per cent," the filing said.
I said, the stake of Krishna Prasad Chigurupati as promoter has increased from 34.78 per cent to 31.69 per cent of the paid-up equity share capital of the company.
Meanwhile, Axis Mutual Fund, Dendana Investments (Mauritius), Fidelity Fund India Focus Fund, Fidelity India Fund, Fidelity Korea - India Equity Investment Trust-Mother and Long Term Equity Fund Granules India were among the buyers of shares.
Massachusetts Institute of Technology and Mumbai-based Old Bridge Capita Management also bought shares in the company, according to NSE block data.
Shares of Granules India closed 4.61 per cent higher at Rs 427.95 on the NSE.