Latest News | CMS Info Systems Promoter Offloads 19.4 Pc Stake for Rs 1,071 Cr

New Delhi, Aug 10 (PTI) CMS Info Systems promoter Sion Investment Holdings Pte on Thursday divested a 19.4 per cent stake in the company for Rs 1,071 crore through open market transactions.

Aditya Birla Sun Life Mutual Fund (MF), ICICI Prudential MF, Societe Generale, Public Sector Pension Investment Board, Abu Dhabi Investment Authority Stable, Nomura, Massachusetts Institute of Technology and Goldman Sachs were the buyers of the shares.

Also Read | Rahul Gandhi on His Expunged Remarks in Lok Sabha: ‘Bharat Mata’ Apparently Unparliamentary Word in India Nowadays (Watch Video).

Sion Investment Holdings Pte Ltd is an affiliate of private equity firm Baring Private Equity Asia (now known as BPEA EQT).

Following the stake sale, shares of CMS Info Systems plunged 6.95 per cent to close at Rs 364.05 apiece on the BSE.

Also Read | Hike Layoffs: Blockchain Gaming Company Sacks Around 55 People After 28% GST Imposed on Online Gaming.

According to the bulk deal data available with the BSE, Sion Investment Holdings sold 3,00,00,000 shares, amounting to 19.4 per cent stake in cash management and payment solutions company CMS Info Systems.

The shares were offloaded at an average price of Rs 357.17 apiece, taking the aggregate transaction size to Rs 1,071.51 crore.

Post the transaction, Sion's shareholding reduced to 27.05 per cent from a 46.48 per cent stake in CMS Info Systems earlier at the end of the June quarter.

In June this year, Sion Investment pared nearly a 14 per cent stake in CMS Info Systems for Rs 638 crore through an open market transaction.

Last month, CMS Info Systems reported a 22 per cent growth in net income to Rs 87 crore for the June 2023 quarter on higher revenue.

Its revenue grew 13 per cent year-on-year to Rs 512 crore in the reporting quarter, from which it earned a margin of 29.6 per cent.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)