Promoters offload 4% stake in Taj GVK Hotels, Nippon India picks up 2.4% shares

Bulk Deals on December 30

• Starlight Trust sold 12.5 lakh shares in Taj GVK Hotels, and Moonshot Trust offloaded 12.5 lakh shares.

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Promoters have offloaded nearly 4 percent equity stake in Taj GVK Hotels & Resorts, a joint venture between the Hyderabad-based GVK Group and Indian Hotels Company, via open market transactions on December 30.

Taj GVK Hotels shares fell 0.75 percent to Rs 429.35 amid volatility after hitting highest level (intraday) since September 23, closing near the upper Bollinger bands.

Promoters - Starlight Trust sold 12.5 lakh shares in the hotel chain for Rs 52.54 crore at Rs 420.34 per share, and Moonshot Trust also offloaded 12.5 lakh shares at Rs 420 per share for Rs 52.5 crore, which totalled to 3.98 percent stake.

However, Nippon India Equity Opportunities AIF - Scheme 9 has acquired 7.08 lakh shares for Rs 29.73 crore, and Nippon India Equity Opportunities AIF - Scheme 7 picked up 8.12 lakh shares for Rs 34.14 crore, at a price of Rs 420 per share.

Meanwhile, Ramkrishna Forgings, the forged components maker, was also in focus. Morgan Stanley Asia Singapore Pte has bought 18.75 lakh shares at Rs 506.7 per share for Rs 95 crore, however, Societe Generale sold 14.75 lakh shares at Rs 506.75 per share for Rs 74.74 crore.

The stock price declined 1.04 percent to finish at Rs 507.55 on the NSE.

Dhunseri Ventures sold 1.22 lakh shares (half a percent stake) in Shankara Building Products at Rs 101.71 per share for Rs 1.2 crore. The stock corrected 7.11 percent to Rs 101.1, the all-time closing low. The stock has been under severe selling pressure since August this year, losing 91 percent in five months.