Clean Science declines 2% after block deal in over 4 million shares

Stock prices

Shares of Clean Science and Technology Ltd fell nearly 2 percent on May 29 after a huge block deal where 4.07 million shares or 3.8 percent stake of the company changed hands, Bloomberg reported. However, details of the buyers and sellers were not known.

At 9.25am, the stock was trading at Rs 1,408 on the BSE, down 1.8 percent from its previous close. It opened at Rs 1,448.55 and touched a low of Rs 1,406.75 intraday.

Earlier, Clean Science announced on exchanges that promoters of the company Asha Ashok Boob, Nilima Krishnakumar Boob, and Asha Ashok Sikchi will sell its part of the stake in the open market for achieving minimum public shareholding. Current promoter stake stands at 78.5 percent.

Around 3.51 percent stake or 3.73 million shares will be sold in a block deal, the company announced. According to Friday's close, the stake sale will be valued at Rs 535 crore. "Period beginning from May 29 till June 30, or the actual date of completion of sale of all equity shares, whichever is earlier", the firm said in a notice to exchanges.

Clean Science and Technology reported a standalone net profit of Rs 80.9 crore for the March quarter, up 30 percent from a year ago. Total income for the period increased to Rs 229.2 crore from Rs 211.9 crore. Net profit for FY23 increased to Rs 303.5 crore from Rs 228.6 crore. Total income jumped to Rs 974.5 crore from Rs 714.8 crore.