Kaynes Tech Promoter Sells 1.8% Stake

New Delhi, Jun 4 (PTI) A promoter of the Mysuru-based Kaynes Technology India on Wednesday divested a 1.8 per cent stake in the company for Rs 624 crore through open market transactions.

According to the bulk deal data, promoter Ramesh Kunhikannan sold 6.25 lakh shares of Kaynes Technology India on the NSE and offloaded 5 lakh shares of Kaynes on the BSE -- cumulatively a 1.8 per cent stake in the company.

The shares were disposed of in the price range of Rs 5,550.87-5,553.03 apiece, taking the combined transaction value to Rs 624.58 crore.

After the latest transaction, Kunhikannan's stake in Kaynes Technology India came down to 55.91 per cent from 57.71 per cent.

Details of the buyers of Kaynes Technology India's shares could not be ascertained on the exchanges.


Shares of Kaynes Technology India fell 0.97 per cent to close at Rs 5,730.05 apiece on the BSE, and dropped by 0.86 per cent to settle at Rs 5,738.50 per piece on the NSE.

In a separate bulk deal on the NSE, the Motilal Oswal Foundation sold 37.04 lakh shares or 0.62 per cent stake in Motilal Oswal Financial Services for Rs 305 crore through an open market transaction.

The shares were offloaded at an average price of Rs 825.01 apiece, taking the deal value to Rs 305.58 crore.

Details of the buyers of Motilal Oswal Financial Services' shares could not be identified on the NSE.

The shares of Motilal Oswal Financial Services rose 2.44 per cent to end at Rs 822.85 apiece on the NSE.