Prudent Advisory Promoters Sell Stake for Rs 251 Crore - Societe Generale Buys

New Delhi, Aug 19 (PTI) Promoters of Prudent Corporate Advisory Services on Monday sold a 2.47 per cent stake in the financial services company for Rs 251 crore through open market transactions, while Societe Generale picked up the stake.

According to the bulk deal data available with the National Stock Exchange (NSE), Rameshchandra Chimanlal Shah and Sanjay Rameshchandra Shah, two of the Prudent Corporate promoters sold 10.24 lakh shares or a 2.47 per cent stake in the company.

The shares were sold in the price range of Rs 2,450.05-2,450 apiece, taking the combined transaction value to Rs 251.04 crore.

After the latest transaction, Rameshchandra Chimanlal Shah has exited Prudent Corporate by selling 6.12 lakh shares or 1.48 per cent stake in the diversified financial services company, while stakeholding of Sanjay Shah has declined to 42.37 per cent from 43.36 per cent.

Meanwhile, Societe Generale picked up 2.75 lakh shares, amounting to a 0.6 per cent stake in Ahmedabad-based Prudent Corporate Advisory Services.

The shares were purchased at the same price, taking the deal value to Rs 67.37 crore.

Details of the other buyers of Prudent Corporate Advisory Services' shares could not be identified.

Shares of Prudent Corporate Advisory Services plunged 7.05 per cent to close at Rs 2,370 per piece on the NSE.

In a separate transaction, Bandhan Mutual Fund (MF) acquired 3 lakh shares of luxury and premium watch retail player Ethos for Rs 100 crore through open market transactions.

As per the block deal data on the NSE, Bandhan MF bought 3 lakh shares, amounting to a 1.2 per cent stake in Ethos.

The shares were picked up at an average price of Rs 3,346 apiece, taking the deal value to Rs 100.38 crore.

These shares were sold by Master Capital Services Ltd and Mahen Distribution at the same price.

On Monday, shares of Ethos fell 2.12 per cent to close at Rs 3,307.90 per piece on the NSE.

In another transaction on the NSE, Societe Generale and BofA Securities on Monday bought 5.92 lakh shares of Shriram Finance for Rs 176 crore via open market transactions, while UK-based hedge fund Marshall Wace sold its stake in the company.

According to the block deal data, Societe Generale and BofA Securities through its arm BofA Securities Europe SA bought 5,92,745 shares of Shriram Finance.

The shares were acquired at an average price of Rs 2,981.50 apiece, taking the transaction value to Rs 176.72 crore.

These shares were sold by Marshall Wace through its affiliate Marshall Wace Investment Strategies - Eureka Fund at the same price.

Shares of Shriram Finance rose 3.47 per cent to close at Rs 3,085 apiece on the NSE.