Metro Brands Promoters Sell 2.19% Stake for Rs 749 Crore

New Delhi, Sep 6 (PTI) Five promoters of Metro Brands Ltd on Friday pared a 2.19 per cent stake in the company for Rs 749 crore through open market transaction while Kotak Mahindra MF, and Citigroup Global Markets Mauritius picked up stakes in the firm.

According to block deal data on the National Stock Exchange (NSE), Alisha Rafique Malik, Farah Malik Bhanji, Sabina Malik Hadi, Zarah Rafique Malik and Zia Malik Lalji offloaded a total of 59.50 lakh shares or a combined 2.19 per cent stake in Metro Brands.

The shares were sold at an average price of Rs 1,260 apiece, taking the combined transaction value to Rs 749.70 crore.

After the stake sale, the shareholding of promoter and promoter group entities has come down to 71.96 per cent from 74.15 per cent.

These shares were acquired by Kotak Mahindra Mutual Fund (MF), Invesco MF, Baroda BNP Paribas MF and Citigroup Global Markets Mauritius at the same price.

The scrip of Metro Brands fell 2.48 per cent to end at Rs 1,238.50 apiece on the NSE.