Promoter stake sale impact: CP Plus shares rise 11% in two days; Home First Finance falls over 5%

Promoter stake sale impact: CP Plus shares rise 11% in two days; Home First Finance falls over 5%

• Aditya Infotech shares rose 11% after promoter stake sale
• Promoters sold shares to meet minimum public shareholding norms
• Home First Finance shares fell over 5% after block deal

Did our AI summary help?

Promoter sale in two companies had different outcomes for their stocks. While the shares of Aditya Infotech, the technology driven security solutions provider under the brand CP Plus, rose 11% in two days, Home First Finance saw its shares fall over 5% on February 26.

Abu Dhabi Investment Authority, Kedaara Capital, Ashoka WhiteOak, and Nomura among 12 investors acquired 3.8% equity stake in Aditya Infotech, the technology driven security solutions provider under the brand CP Plus, via open market transactions on February 25. However, promoters, and Dixon Technologies offloaded total 5.8% shares in the company.

As per the bulk and block deals data published by the BSE, promoter Hari Khemka Business Family Trust sold 17.66 lakh shares (equivalent to 1.5% of paid-up equity) in CP Plus to meet the minimum public shareholding norms for Rs 260 crore.

The price at which promoter sold its stake in the company was Rs 1,471.3 per share.

The company informed exchanges that promoters Hari Khemka Business Family Trust and Rishi Khemka have successfully completed the sale of equity shares through open market route to comply with minimum public shareholding requirement (i.e. public shareholding in the company has to be at least 25%).

Rishi Khemka sold half a% stake in the company. With this, total stake selling by promoters was 2%, which ultimately brought down their total shareholding in the company below 75% mark at 74.91%, while the public float stands at 25.09%.

On February 26, CP Plus shares closed 2.5% higher at Rs 1,614.4 apiece, thus extending their two-day rise to 11%.

Meanwhile, shares of Home First Finance Co India snapped four-day gain and fell over 5.5% to Rs 1,178 apiece after a total of 56.2 lakh shares of the company, worth Rs 663 crore, changed hands through a block deal. The deals represents a 5.4% equity of the company.

While the buyers and sellers of the deal have not yet been disclosed by the company, True North Fund V and Aether (Mauritius) are the likely sellers, according to a report by CNBC-TV18. According to the company's latest shareholding pattern, True North Fund held around 7.45% stake in the company, while Aether held a 4.9% stake.