Escorts#39; promoter sells 3% stake for Rs 252 crore
A promoter entity of Escorts Ltd today sold nearly 3 percent stake in farm equipment and engineering major for over Rs 252 crore, through an open market transaction.
According to the bulk deal data available with BSE, Escorts Benefit and Welfare Trust offloaded 36 lakh shares, amounting to 2.94 percent stake in the company.
The shares were disposed of at an average price of Rs 701.15 apiece, valuing the transaction at Rs 252.41 crore, the data showed.
Among the buyers was Emerging Markets Equity Fund, which bought over 23 lakh shares for Rs 165.62 crore.
As on September quarter, ‘Sutanu Behuria Trustee of Escorts Benefit and Welfare Trust’ — a promoter of Escorts Ltd — held 3,73,00,031 shares of the firm, representing 30.43 per cent stake in the company.
At the end of today’s trading session, the stock of Escorts Ltd was quoted on BSE at Rs 688.90, down 3.92 per cent from the previous close.