Sharda Motor Industries Promoter Sells 8.4% Stake for Rs 499 Crore

New Delhi, Jun 26 (PTI) Sharda Motor Industries promoter Mala Relan on Wednesday sold 25 lakh shares, representing 8.4 per cent of stake in the company, for Rs 499 crore through an open market transaction.

The shares were disposed of at an average price of Rs 1,996.10 per piece, taking the transaction value to Rs 499.02 crore.

After the latest transaction, the combined stake of promoter and promoter group entities' of Sharda Motor Industries has slumped to 64.8 per cent from 73.20 per cent.

The shares were picked up by ICICI Prudential Mutual Fund (MF), Axis Mutual Fund, Eastspring Investments India Fund, Edelweiss MF, HDFC MF, Nippon India MF, 3P India Equity Fund 1, and Birla Sun Life Insurance Company were among the buyers of Sharda Motors Industries' shares.

Shares of Sharda Motor Industries rose 3.13 per cent to close at Rs 2,060.10 per piece on the NSE.

In a separate transaction, Rashmi Chowdhary, one of the promoters of Titagarh Rail Systems, divested a 2 per cent stake in the company for Rs 436 crore through an open market transaction.

As per the block deal data available on the BSE, Rashmi Chowdhary sold 26,93,475 shares, amounting to a 2 per cent stake in Titagarh Rail Systems.

The shares were offloaded at an average price of Rs 1,618 apiece, taking the deal value to Rs 435.80 crore.

At the end of the March quarter, Rashmi Chowdhary held a 9.52 per cent stake in Titagarh Rail Systems, while the combined stake of promoters was 42.46 per cent, shareholding data showed with the bourse.

BlackRock Global Funds and BNP Paribas Financial Markets bought these shares at the same price.

On Wednesday, shares of Titagarh Rail Systems surged 9.19 per cent to settle at Rs 1766.90 apiece on the NSE.