Kaynes Technology Stake Divestment: A Major Market Move
Ramesh Kunhikannan, a promoter of Kaynes Technology India, sold a 1.8% stake in the company for Rs 624 crore through market transactions. The stake sale reduced his holding from 57.71% to 55.91%. Concurrently, Motilal Oswal Foundation divested its stake in Motilal Oswal Financial Services for Rs 305 crore.
- Country:
- India
In a significant market transaction, Ramesh Kunhikannan, one of the promoters of Kaynes Technology India, divested a 1.8% stake in the company, amounting to Rs 624 crore. This move reduced his shareholding from 57.71% to 55.91%.
The transaction involved selling 6.25 lakh shares on the NSE and 5 lakh shares on the BSE, with prices ranging from Rs 5,550.87 to Rs 5,553.03 per share. However, the identities of the buyers remain undisclosed.
Meanwhile, the Motilal Oswal Foundation also executed a major transaction by selling a 0.62% stake in Motilal Oswal Financial Services for Rs 305 crore. This deal was concluded at an average price of Rs 825.01 per share.
(With inputs from agencies.)
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