Centum Electronics Stake Shuffle: Strategic Moves in the Open Market

Centum Electronics experienced a notable shift in its shareholder dynamics on Friday, as promoter Mallavarapu Venkata Apparao relinquished a 4.53% stake in the company, netting Rs 153 crore via an open market transaction.

Data from the Bombay Stock Exchange (BSE) reveals that Apparao divested 6.65 lakh equity shares at an average price of Rs 2,300.93 each, subsequently reducing his stake to 35.57% from 40.10%. The transaction reflects his strategic business decision to partially exit his investment in the electronics firm.

In response, HDFC Mutual Fund acquired 2.15 lakh shares, constituting a 1.5% stake, while 3P Investment Managers expanded its portfolio by purchasing 3 lakh shares, representing a 2.04% holding. The shares traded at an average of Rs 2,300 apiece, marking a combined acquisition sum of Rs 118.45 crore. Amid these transactions, Centum Electronics' stock value saw a modest increase, closing at Rs 2,412.70 on the BSE.

(With inputs from agencies.)