Ami Organics Stake Sale: 3 Individuals Sell 12.5% for Rs 474 Cr

New Delhi, Dec 21 (PTI) Three individuals on Thursday divested a 12.5 per cent stake in pharmaceutical company Ami Organics for Rs 474 crore through open market transactions.

ICICI Prudential Mutual Fund, Malabar India Fund, Bofa Securities Europe SA, Goldman Sachs Investments Mauritius I, Morgan Stanley Asia Singapore, Valuequest Investment Advisors were among the buyers of the shares.

Dhwani Girishkumar Chovatia, Girishkumar Limbabhai Chovatia, and Kiranben Girishbhai Chovatia, three individual public shareholders, of Ami Organics sold 46 lakh shares of the company on the National Stock Exchange (NSE).

As per bulk deal data available with the NSE, Dhwani Girishkumar Chovatia disposed of 7.89 lakh shares of Ami Organics, Girishkumar Limbabhai Chovatia offloaded 19.70 lakh shares, and Kiranben Girishbhai Chovatia sold 18.40 lakh shares, collectively amounting to a 12.5 per cent stake in the company.

The shares were disposed of in the price range of Rs 1,030-1,030.12 per piece, taking the aggregate deal value to Rs 473.82 crore.

After the latest transaction, Girishkumar Limbabhai Chovatia exited the pharmaceutical firm by selling 19,70,430 shares, representing a 5.34 per cent stake in the firm.

The stake of Dhwani Girishkumar Chovatia in Ami Organics declined to 4.69 per cent from 6.83 per cent, while that of Kiranben Girishbhai Chovatia fell to 0.55 per cent from 5.53 per cent.

On Thursday, shares of Ami Organics rallied 7.95 per cent to close at Rs 1,170 apiece on the NSE.

In a separate bulk deal on the BSE, three entities, including promoters Jigar Harish Mehta and Onward Software Technologies pared an 8.5 per cent stake in Onward Technologies for Rs 119 crore through open market transactions.

Infinity Direct Holdings also divested a 6.7 per cent stake in the firm.

Following the stake sale, shares of Onward Technologies tumbled 9.30 per cent to end at Rs 626.85 apiece on the BSE.

Jigar Harish Mehta and Onward Software Technologies (now known as JHM Enterprises) sold 2 lakh shares each of Onward Technologies, while Infinity Direct Holdings offloaded 15 lakh shares, collectively amounting to an 8.46 per cent stake in the company, as per the data.

The shares were disposed of in the price range of Rs 619.10-626.07 per piece, taking the combined transaction value to Rs 118.70 crore.

After the transaction, Infinity Direct Holdings' shareholding have declined to 17.4 per cent from 24.08 per cent, while stake of its promoters' Jigar Harish Mehta and Onward Software Technologies slipped to 1.68 per cent and 38.78 per cent stake in the company.

The combined shareholding of promoter and promoter group have also fell to 43.18 per cent from 44.96 per cent stake in the company.

Meanwhile, Kotak Mahindra Life Insurance acquired more than 1.59 lakh shares of the company.

In another transaction on the BSE, London-based hedge fund Marshall Wace sold shares of state-owned lender Indian Bank for Rs 33 crore through an open market transaction.

According to the block deal data on BSE, Marshall Wace through its affiliate Marshall Wace Investment Strategies - Eureka Fund disposed of 7,71,023 shares of Indian Bank.

The shares were disposed of at an average price of Rs 429.75, taking the transaction size to Rs 33.13 crore.

BNP Paribas Arbitrage acquired the shares of Indian Bank at the same price.

On Thursday, shares of Indian Bank plunged 3.75 per cent to close at Rs 412.85 apiece on the BSE.