Shares of GI Engineering Solutions slid in the red after opening 1 percent higher on August 28, after investor company GG Engineering sold shares through the week, ending August 25. At 9:50 am, the stock was trading at 11.60, down from 11.85 at close on August 25. The share volume at that time was 415,862, lower than the 20-day average of 967,465.
On August 25, GG Engineering sold 12.93 lakh shares or a 1.5 percent stake in GI Engineering Solutions at an average price of Rs 11.95 per share. Over the week, the company sold 1.36 crore shares or 15.88 percent stake in GI Engineering against the shareholding of 2.1 crore shares. As of June 2023, the total stake was 24.47 per cent stake as of June 2023.
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The New Delhi-based engineering design company specialises in civil engineering activities and ancillary services along with various civil engineering services such as land planning, surveying and landscape architectural services amongst others.
On August 23, the company announced their expansion into a new business of film production, distribution and allied services. It is in the process of changing the company name name to 'Teamo Productions HQ Ltd'. The company stated that the change will better reflect their business activities in line with the current business environment and improve their brand equity.
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