Major Stake Shift: Voltamp Transformers Sees Promoter Sell-Off
The promoter of Voltamp Transformers sold a 7.8% stake for nearly Rs 600 crore in an open market transaction. Major buyers included Prudential Assurance, Bajaj Allianz, and Aditya Birla Life Insurance. The shares were sold at an average of Rs 7,605.91 each, reducing the promoter's stake to 30.01%.
- Country:
- India
In a significant market transaction, Voltamp Transformers saw its promoter divest a considerable 7.8% stake, valued at nearly Rs 600 crore. This decision reshapes the investor landscape of the heavy electrical equipment manufacturer.
According to data from the National Stock Exchange, Kunjal L Patel offloaded over 7.88 lakh shares, with leading financial entities such as Prudential Assurance, Bajaj Allianz Life Insurance, and Aditya Birla Life Insurance stepping in as notable buyers. The transaction occurred at an average price of Rs 7,605.91 per share, marking a pivotal moment for the Vadodara-based company.
Despite the sell-off, Voltamp Transformers' share price declined by 3.47%, closing at Rs 7,508 on the NSE. This sale reduces Patel's stake in the company from 37.80% to 30.01%, signaling a new phase of shareholder restructuring and market dynamics.
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