Shares of Amara Raja Batteries fell nearly 6 percent after around 24.6 million shares, representing 14 percent stake, of the company changed hands in the early trading hours on July 18.
Moneycontrol could not immediately ascertain the buyers and sellers in the deal. At 9:45am, shares of the company were trading 5.7 percent lower at Rs 645.60 on the BSE.
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Clarios ARBL Holding LP was said to have sold its entire 14 percent stake in Amara Raja Batteries through a block deal today. The floor price was set at Rs 651 per share, as per reports. Clarios ARBL Holding LP held the stake under foreign direct investment, the shareholding pattern showed.
This stake sale comes nearly two years after Clarios had slashed its shareholding by 10 percent in Amara Raja. It had executed a block deal in May 2021 to sell 1.71 crore shares.
The company will declare its quarterly numbers on August 12. Analysts expect the revenue to improve sequentially, given the increase in OEM production and a rise in replacement demand.
A steady raw material cost trend is likely to help expand operating margin on a quarter-on-quarter basis.
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