A block deal involving Rs 142.60 crore worth shares of CE Info Systems, the parent company of MapMyIndia, took place on the exchanges on June 26, with promoter and managing director, Rakesh Kumar Verma being the seller.
The deal, involving 6.1 lakh shares, representing an 1.1 percent stake in the company was executed at a floor price of Rs 2,332 per share. The floor price of the block deal offered a discount of over 3 percent to the stock's previous closing level of Rs 2,413.90 per share.
Previously, CNBC Awaaz had also reported promoter Verma's plan to offload a near 1 percent stake in CE Info Systems. According to the report, it was JM Financial that brokered the deal.
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As per the company's latest shareholding data, Rakesh Kumar Verma held a 42.84 percent stake while his family members- Rashmi Verma and Rohan Verma owned a cumulative 10 percent equity.
In an interaction with CNBC-TV18, Rakesh Verma revealed that he sold shares in CE Info for philanthropy reasons and does not intend to trim his stake any further.
The block deal not just triggered a spike in volumes in the stock but also pulled it down around 4 percent to a low of Rs 2,323 on the NSE. Volumes in the counter surged as nine lakh shares changed hands thus far, a significant spike from the one month daily traded average of six lakh shares.
Read More | MapMyIndia's promoter likely to sell 5 lakh shares in Rs 115-cr block deal: CNBC-Awaaz
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