Akash Jha
On August 22, investors will continue to pay attention to SJS Enterprises stock after it was reported that promoter entity Evergraph Holdings Pte Ltd and institutional investor Sanders Consulting were trying to sell off about 30 percent of their ownership in the company.
CNBC-TV18 said that Evergraph Holdings was expected to sell 29.53% of its overall ownership of 34.15 % in the company, and Sanders Consulting was expected to sell 0.56% of its investment in the company, both through block trades on Tuesday.
With a Monday closing price of Rs 620.75, the reported floor price of the deal is roughly Rs 580 per share, representing a discount of 6.5%. There would probably be a total value of roughly Rs 541.50 crore for the purchase.
The block purchase will leave Evergraph Holdings with a 4.6% share in the company, which will be locked up until November 10, 2024.
Ashish Kacholia, a well-known investor, sold 1.8 lakh shares of the company in a bulk transaction on August 18 for Rs 11.50 crore. As a result, yesterday the stock ended the day down by almost 3%.
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