Shares of Elpro International Ltd surged 7.69% to ₹80.27 on Wednesday after the company announced the sale of its remaining stake in PNB MetLife India Insurance Company Limited. The stock hit a high of ₹81.99 during the day, compared to the previous close of ₹74.54. At current levels, Elpro’s market capitalization stands at ₹13,608 crore.
In a regulatory filing dated April 2, the company stated it had sold 1.63 crore equity shares of PNB MetLife, representing its entire remaining shareholding, for a total consideration of ₹134.37 crore.
This divestment comes in line with Elpro’s strategic plans and follows earlier intimations regarding the same. The shares were sold at a price of around ₹82 per share, closely aligning with the stock’s current market price.
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