Block deal mania on Dalal Street, shares worth Rs 1,700 crore exchange hands in trade

PB Fintech: 50.50 lakh shares, representing 1.10 percent of equity, were traded for Rs 920 crore at Rs 1,821.50 per share.

Coforge: 9.77 lakh shares, or 1.46 percent of the company's equity, were exchanged at Rs 1,876.50 per share, totaling Rs 183.3 crore.

Mobikwik: 69.76 lakh shares, accounting for 8.98 percent equity, changed hands at Rs 231 per share, with a deal value of Rs 161.2 crore.

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For Mobikwik, Net1 Applied Technologies Netherlands BV, an arm of South Africa’s Net1 UEPS Technologies, was supposedly preparing to offload around 8 percent of its holdings in the firm, sources said.

Co-founders Yashish Dahiya and Alok Bansal were likely the sellers in the PB Fintech block deal. However, Moneycontrol could not immediately ascertain the buyers and the sellers in the Coforge and Delhivery deals.

Elevated valuations, combined with investor optimism, have resulted in large corporations and promoters offloading large chunks of their stakes to sit on a tidy pile of gains, noted international brokerage Jefferies.

In May and June so far, around $13.2 billion has been raised through stake sales. According to Jefferies’ Global Head of Equity Strategy Chris Wood, the large equity supply is among the key risks to the markets.

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