Plenty PE Fund and Multiples PE Fund Group are likely to offload a 2.33 percent stake in multiplex operator PVR Inox in a bulk deal, sources told CNBC TV-18.
The offer price for the sale is indicated between Rs 1,750 to Rs 1,769.5 per share, which is up to a 1.12 percent discount on the closing price on December 14. At this price, the deal is valued at Rs 404.5 crore.
Kotak Securities is the banker managing the deal.
According to September-end shareholding data, Plenty PE Fund held a 1.1 percent stake in the company or 10.76 lakh shares.
On a year-to-date basis, shares of PVR Inox were up 2.46 percent. Earlier in the day, the stock climbed 1.09 percent to Rs 1,769.95.
Also read: Softbank exits Zomato, GQG Partners buys Rs 1,671.5 cr shares in GMR Airports Infra
The bulk deal follows several other bulk deals happening in the market. The sharp rally in prices has offered an opportunity for existing investors to redeem their investments. Similarly, many funds are freeing the money in non-performing stocks to buy those having brighter outlook.
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