Shares of Netweb Technologies worth as much as Rs 459 crore were sold in a block deal on August 2, with four promoters being the likely sellers in the transaction.
Around 20.5 lakh shares, representing an 3.64 percent stake in the company, changed hands on the exchanges. The deal was executed at an average price of Rs 2,232 per share, implying a one percent discount from the previous close.
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While the specific parties in the transaction remain undisclosed, CNBC-TV18 reported on August 1 that promoters Sanjay Lodha, Navin Lodha, Vivek Lodha, and Niraj Lodha were looking to sell 20.54 lakh shares of the company, targeting to raise of Rs 447.90 crore.
The four promoters owned a combined stake of 74.75 percent in Netweb Technologies, with Sanjay Lodha holding the biggest shareholding at 29.9 percent, followed by 14.95 each for Navin Lodha, Vivek Lodha, and Niraj Lodha.
Two weeks ago, Netweb Technologies reported a more than threefold increase in net profit to Rs 15.4 crore for the April-June quarter. Total income rose to Rs 153.21 crore in Q1 FY25, compared to Rs 60.2 crore in the same period last year. "AI systems have become a crucial growth driver, significantly boosting our operating revenue. Its share rose to 14.6 percent this past quarter, marking a robust year-on-year growth of 146 percent," stated Sanjay Lodha, Chairman and Managing Director of Netweb Technologies.
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