Promoters of Tips Industries, including Ramesh and Kumar Taurani, have sold a 5% stake in the company for Rs 247 crore through open market transactions. SBI Mutual Fund bought the stake.
New Delhi, Jan 29 (PTI) Promoters of Tips Industries, including Ramesh Taurani and Kumar Taurani, on Monday divested a 5 per cent stake in the company for Rs 247 crore through open market transactions.
Along with the Taurani brothers, their wives -- Renu Kumar Taurani and Varsha Ramesh Taurani -- were also the promoters of Tips Industries.
According to the bulk deal data available with the BSE, Kumar Sadhuram Taurani, Ramesh Sadhuram Taurani, Renu Kumar Taurani, and Varsha Ramesh Taurani offloaded a total of 65 lakh shares, amounting to a 5.06 per cent stake in Tips Industries.
The shares were disposed of in the price range of Rs 380-380.26 apiece, taking the combined transaction value to about Rs 247 crore.
With the above dilution of stake, the combined shareholding of the promoter and promoter group has declined to 63.86 per cent from 68.92 per cent stake in Tips Industries.
Meanwhile, SBI Mutual Fund picked up more than 64.25 lakh shares representing a 5 per cent stake in Tips Industries.
The shares were bought at an average price of Rs 380 apiece, taking the deal size to Rs 244.18 crore.
The scrip of Tips Industries jumped 5.07 per cent to close at Rs 430.80 apiece on the BSE.
Last month, Tips Industries promoters, including Kumar Taurani and Ramesh Taurani, sold a 6.07 per cent stake in the music record label company.
The Mumbai-based Tips Industries was founded by the Taurani brothers in 1975. It is an Indian music record label and film production, film promotion, and film distribution company.
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