Promoter of Astral Limited is likely to sell 2-3% equity stake in the company, CNBC-TV18 reported on December 19 citing sources. The stake sale, expected to transpire this week, is projected to be valued between Rs 1,000-1,500 crore.
As per the latest available data, the promoter currently holds a 55.85% stake in Astral. This marks the first such move since September 2019 when a 2.4% stake was divested.
The news channel said it has reached out to Astral for comments on the matter, and that the company's reaction is awaited.
Astral's jump in net profit nearly doubled year-on-year (YoY) to Rs 131.2 crore for the July-September quarter. Its total revenue stood at Rs 1,363 crore during the period under review, up 16.3 percent YoY.
The company declared an interim dividend for the financial year 2023-24 at the rate of Rs 1.50 per share of face value of Re 1 each.
In the trading session on December 19, Astral shares settled at Rs 1909.45 apiece at the BSE, which was 1.56 percent or Rs 30.20 lower than the previous day's close.
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