Shares worth Rs 236 crore of Protean eGov Tech were sold in a block deal on the exchanges on August 8, with Standard Chartered Bank being the likely seller.
Around 12 lakh shares, representing a 3.2 percent stake in the information technology-enabled solutions provider changed hands in the block deal. The transaction was executed at a floor price of Rs 1,805 apiece, implying an over 3 percent discount from the previous close.
Following the block deal, shares of Protean eGov fell over 4 percent to a low of Rs 1,791.20 on the NSE.
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Even though Moneycontrol could not immediately ascertain parties involved in the transaction, CNBC-TV18 reported that Standard Chartered Bank was looking to sell its entire 3.09 percent stake in Protean eGov Tech, aiming to raise Rs 221.90 crore.
Protean eGov Technologies posted a decline in both total sales and net profit for the April-June period. The company's net sales fell by around 11 percent to Rs 196.54 crore, down from Rs 220.41 crore in the year ago period. Additionally, the quarterly net profit came at Rs 21.09 crore, reflecting a 34.5 percent decline as compared to Rs 32.21 crore in the same period last year.
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