The shares of Aditya Birla Lifestyle Brands jumped more than 10 percent on October 6 after a large block deal took place. Flipkart has likely sold its entire 6 percent stake in the company, according to a report by CNBC-TV18.
The shares of the company hit an intraday high of Rs 150.79 apiece, extending gains for the third consecutive session. The shares later pared some gains to trade at 147.19 apiece, as seen at 10.25 am.
Flipkart likely sold 6% stake for Rs 950 crore:
Ecommerce giant Flipkart was selling its entire 6 percent stake in Aditya Birla Lifestyle via block deals at a base price of Rs 130 per share, CNBC-TV18 reported citing people familiar with the matter. This marks a discount of nearly 5 percent from the stock's previous closing price of Rs 136.45 apiece.
Flipkart was selling 7.3 crore shares of the company worth Rs 950 crore, the report added.
Moneycontrol couldn't independently verify the report.
Block deal triggers huge trading volumes:
While the seller is not known yet, 7.24 crore shares, representing 5.93 percent equity stake of the company, changed hands in a block deal window, spurring huge trading volumes.
More than 1 crore shares have been involved in active trade today so far. This is more than 7 times that of the stock's 10-day average volume.
Aditya Birla Lifestyle Brands share price history:
Aditya Birla Lifestyle Brands shares have rallied 12 percent in the past five days, but fell over 7 percent in the past six months. The shares of the company had listed at Rs 167 apiece on June 23 after its demerger from its parent Aditya Birla Retail and Fashion Limited (ABFRL).
Also read: Our LIVE blog on stock market updates
Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
