Tag: promoters

Vedanta surged nearly 8 percent to a high of Rs 354 in early deals on the BSE on Tuesday after nearly 7 percent of the total equity of the metal company changed hands via multiple block deals. The stock has rallied 15 percent in the past two trading days in an otherwise weak market. The promoters were looking to increase their stake by up to 4.57 percent amid efforts to restructure the organization and spin-off several businesses. Twin Star Holdings and Vedanta Netherlands Investments B.V will buy around 17 crore shares amounting to a 4.57% stake in a block deal. The offer is priced at Rs 350 per share—a 6.6% premium to the share’s closing price on Monday—valuing the transaction at Rs 5,950 crore. The deal will take place through the accelerated book-building method, with JP Morgan India Pvt. serving as a broker to the promoters. Read more

Shares of Newgen Software Technologies hit a 52 week high, surging 4 percent to Rs 519.45, on the BSE in Wednesday's intra-day deals after the promoters sold their 10.57 percent stake in the company via open market on Tuesday. Three promoters of Newgen Software Technologies Ltd on Tuesday offloaded shares worth over Rs 335 crore of the firm which represents a 10.57 percent equity stake in the Company through open market transactions. The aforesaid stake in the Company was sold at an average price of approximately Rs 454 per equity share, which was at a marginal discount to the closing price of the stock on NSE on June 14, 2021, of Rs 458.3 per equity share, it said. Read more