Electronics Mart India (EMIL) shares surged by 2% after promoters Pavan Kumar Bajaj and Karan Bajaj sold a 7.8% stake through open market transactions. The stake sale, valued at ₹689 crore, saw significant participation from major institutional investors, including SBI Mutual Fund and Norway’s Government Pension Fund Global.
Key Details:
- Stake Sale by Promoters:
- Promoters Pavan Kumar Bajaj and Karan Bajaj sold 1.50 crore shares each, representing a 7.8% stake in EMIL. The shares were sold in the price range of ₹229.75-229.77 per share, totaling ₹689.28 crore.
- Post-Transaction Shareholding:
- Following the sale, the combined shareholding of the promoter and promoter group in EMIL decreased from 72.97% to 65.17%.
- Institutional Buyers:
- SBI Mutual Fund purchased 1.51 crore shares, securing a 3.92% stake in EMIL. Additionally, Norges Bank’s Government Pension Fund Global and Franklin Templeton Mutual Fund acquired 99.41 lakh shares.
- Share Price Movement:
- As of 9:40 AM, EMIL shares were trading 2.02% higher at ₹241.51 on the NSE, reflecting positive market sentiment following the block deals.
Impact and Market Reaction:
- Positive Market Sentiment:
- The stake sale has been well-received by the market, with institutional buyers stepping in to purchase significant portions of the sold shares, indicating confidence in the company’s prospects.
- Strategic Divestment:
- The promoters’ decision to divest a portion of their holdings could be seen as a move to bring in more institutional investors, potentially strengthening the company’s shareholder base.
