Latest News | Kaynes Tech's Promoter Pares 1.8 Pc Stake for Rs 624 Crore

New Delhi, Jun 4 (PTI) Kaynes Technology India promoter on Wednesday divested a 1.8 per cent stake in the company for Rs 624 crore through open market transactions.

Ramesh Kunhikannan is one of the promoters of Mysore-based Kaynes Technology India.

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According to the bulk deal data, Kunhikannan sold 6.25 lakh shares of Kaynes Technology India on the NSE and offloaded 5 lakh shares of Kaynes on the BSE, cumulatively a 1.8 per cent stake in the company.

The shares were disposed of in the price range of Rs 5,550.87-5,553.03 apiece, taking the combined transaction value to Rs 624.58 crore.

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After the latest transaction, Kunhikannan's stake in Kaynes Technology India came down to 55.91 per cent from 57.71 per cent.

Details of the buyers of Kaynes Technology India's shares could not be ascertained on the exchanges.

Shares of Kaynes Technology India fell 0.97 per cent to close at Rs 5,730.05 apiece on the BSE, and dropped by 0.86 per cent to settle at Rs 5,738.50 per piece on the NSE.

In a separate bulk deal on the NSE, the Motilal Oswal Foundation sold 37.04 lakh shares or 0.62 per cent stake in Motilal Oswal Financial Services for Rs 305 crore through an open market transaction.

The shares were offloaded at an average price of Rs 825.01 apiece, taking the deal value to Rs 305.58 crore.

Details of the buyers of Motilal Oswal Financial Services' shares could not be identified on the NSE.

The shares of Motilal Oswal Financial Services rose 2.44 per cent to end at Rs 822.85 apiece on the NSE.

(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)