Polycab India Promoters Divest Stake Amid Significant Market Transactions
Promoters of Polycab India sold a combined 1.55% stake worth nearly Rs 1,740 crore through market transactions. Prominent buyers included JP Morgan and Morgan Stanley. Meanwhile, QRG Investments reduced its stake in Awfis Space Solutions. These transactions reflect strategic shifts in corporate ownership and market dynamics.
- Country:
- India
Seven individuals, including Polycab India promoters, divested a 1.55% stake in the company for almost Rs 1,740 crore through open market deals. JP Morgan, Morgan Stanley Asia Singapore, and other major investors acquired these shares, reflecting significant market movement.
Promoters Ramesh Thakurdas Jaisinghani and associates reduced their holdings, while Anil Hariram Hariani, a director, also offloaded stock. The transactions were valued around Rs 1,739.74 crore, executed at Rs 7,458 each, affecting Polycab India's share price, which dropped 1.96% on the NSE.
In another significant development, QRG Investments divested a 0.51% stake in Awfis Space Solutions for Rs 22 crore. This sale, executed at an average price of Rs 591.17 per share, reduced QRG's share in Awfis Space. The strategic moves suggest shifts in corporate governance and market strategy.
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