GNG Electronics: Goldman Sachs Leads Rs 175 Cr Stake Buy

New Delhi, Jun 11 (PTI): Goldman Sachs, MCP Emerging Markets and other financial institutions on Thursday picked up more than 44 lakh shares, representing nearly a 4 per cent equity stake, of GNG Electronics, the parent company of Electronics Bazaar, for a total of Rs 175 crore through open market transactions.

GNG Electronics promoter Vidhi S Khandelwal pared around 4 per cent stake in the company on Thursday, according to an exchange filing.

Shares of the company jumped more than 6 per cent to close at Rs 418.60 apiece on the NSE.

Domestic institutional investors such as Mirae Asset Mutual Fund (MF), ITI MF, Edelweiss MF, Trust MF, and Motilal Oswal Equity Opportunities Fund Series II also bought shares of GNG Electronics.

These entities collectively purchased 44,87,203 shares representing a 3.94 per cent stake in Mumbai-based GNG Electronics, according to the block deal data available on the National Stock Exchange (NSE).


The shares were picked up at an average price of Rs 390 apiece, taking the combined transaction value to Rs 175 crore.

Meanwhile, Vidhi S Khandelwal, one of the promoters of GNG Electronics, offloaded the same number of shares, as per the data.

After the latest transaction, Khandelwal's holding in GNG Electronics dropped to 11.79 per cent from 15.73 per cent. Also, the combined holding of promoters and promoter group entities declined to 74.77 per cent from 78.71 per cent.

In a filing with the exchanges, GNG Electronics said that its promoter, Vidhi S Khandelwal, has sold 44,87,203 equity shares of the company, representing a 3.94 per cent equity stake.

The company said the promoter has reduced its stakeholding to achieve the minimum public shareholding requirements as mandated under Sebi's Securities Contracts (Regulation) Rules and (Listing Obligations and Disclosure Requirements) Regulations, 2015.

GNG Electronics Ltd is one of India's largest refurbishers and providers of Information and Communication Technology devices.