Foreign portfolio investor Polus Global Fund has exited Inox Green Energy Services by selling its entire stake in the company, while Elara India, Nomura Singapore, and Yes Bank together offloaded 2 percent shareholding in the company on its listing day of November 23.
Possibly due to the transactions, the stock corrected by 9 percent to settle below Rs 60 against its issue price of Rs 65 per share.
Inox Green Energy opened with more than 7 percent loss, which was on expected lines given the subdued response to its IPO. The fact that the company is dependent for business on its parent Inox Wind, the wind turbine generator manufacturer, also weighed on the stock.
Foreign portfolio investor Polus Global Fund sold 53.85 lakh shares, its complete shareholding in the wind power operation and maintenance services provider at an average price of Rs 61.21 per share.
Among others, Elara India Opportunities Fund sold 22.07 lakh shares at an average price of Rs 60.17 per share, Nomura Singapore offloaded 14.6 lakh shares at Rs 60.35 per share, and Yes Bank sold 23.07 lakh shares at an average price of Rs 61.01 per share, which in total was 2 percent of paid-up equity shares.
However, ICM Finance bought 20.4 lakh shares in Inox Green at an average price of Rs 61.82 per share, and Pilot Consultants acquired 57.66 lakh shares at an average price of Rs 60.61 per share.
After Rs 740-crore public issue, the public shareholding in Inox Green increased to 43.96 percent, with the rest being held by promoter.
Among other bulk deals, investor Capri Global Holdings picked 1.58 percent stake or 13.19 lakh shares in Fino Payments Bank via open market transactions. These shares were bought at an average price of Rs 228.77 per share. As a result, the stock was locked in 20 percent upper circuit at Rs 231.60.
Nippon India Mutual Fund bought additional 3 lakh shares in Voltamp Transformers at an average price of Rs 2,650 per share, which was worth Rs 79.50 crore, whereas Nalanda India Fund offloaded 4.2 lakh shares at an average price of Rs 2,651.56 per share, which was worth Rs 111.36 crore.
Nippon Life India already held 5.47 percent stake and Nalanda India Fund had 7.79 percent shareholding in the company as of September 2022.