Kalpataru Constructions Sells 5.3% Stake in KPIL for Rs 1,003 Crore

New Delhi, Jun 18 (PTI) Kalpataru Constructions, one of the promoter of Kalpataru Projects International, on Tuesday divested a 5.3 per cent stake in the company for Rs 1,003 crore through an open market transaction.

According to bulk deal data available on the BSE, Kalpataru Constructions sold 86,95,653 shares, amounting to a 5.3 per cent stake in Kalpataru Projects International Ltd (KPIL).

The shares were offloaded at an average price of Rs 1,153.99 apiece, taking the deal value to Rs 1,003.47 crore.

After the stake sale, Kalpataru Constructions' shareholding in KPIL has declined to 8.4 per cent from 13.76 per cent.

Also, the combined stakeholding of the promoter and promoter group entities of KPIL also reduced to 35.24 per cent from 40.59 per cent.

Meanwhile, Custody Bank of Japan Ltd RE RB Amundi India Small Cap Equity Mother Fund acquired 9.10 lakh shares of Kalpataru Projects International at an average price of Rs 1,150 per piece.

This took the deal value to Rs 104.65 crore.

Details of the other buyers of KPIL's shares could not be ascertained.

Shares of Kalpataru Projects International plunged 4.44 per cent to close at Rs 1,165.10 apiece on the BSE.

In a separate bulk deal on the BSE, two public shareholders of Alkem Laboratories offloaded shares of the pharmaceutical company for a combined value of Rs 990 crore through open market transactions.

Rajesh Kumar and Rajeev Ranjan disposed of 10 lakh shares each, representing a combined 1.66 per cent stake in Alkem, as per the data.

The shares were sold within the price range of Rs 4,950-4,950.22 per piece, taking the combined transaction value to Rs 990.02 crore.

Details of the buyers of shares of Alkem Laboratories could not be ascertained.

The scrip of Alkem Laboratories rose 2.43 per cent to settle at Rs 5,222.05 apiece on the BSE.