Shares of CMS Info Systems gained nearly 7 percent at the open on March 1, a day after the cash management company said that CEO Rajiv Kaul had increased his stake in the company.
At 9:40 am, the stock was trading at Rs 409.55.
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In a post market hours release, CMS Info Systems said Kaul raised his stake in the firm to 6.2 percent from 2.6 percent by exercising his employee stock options (ESOPs).
In a release, Kaul said that increasing his stake demonstrated his and the company's commitment and focus to expand their offerings as well as to continue on their track record of high growth and strong profits.
Two day earlier, promoter investor Sion Investment had sold its remaining stake and exited the company. Sion Investment, an affiliate of Hong Kong-based Baring Private Equity Asia had acquired a stake in CMS Info Systems in August 2015 from Blackstone Private Equity and other shareholders.
In Q3FY24, CMS Info Systems reported a revenue of Rs 582 crore, up 19 percent from the year-ago period. Net Profit grew 14.91 percent to Rs 87 crore.
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