look news india
Ahmedabad: Global uncertainties and fears of high domestic valuations have created a lot of confusion in the Indian stock market for some time now. However, amid all this, after the figure of selling shares worth Rs 1 lakh crore by promoters in the current year, this week also saw tremendous movement in the stock market due to big deals. Private equity (PE) and venture capital (VC) firms along with promoters sold bulk shares through block deals. According to the report, the total value of these block deals was Rs 1,000 crore by the end of the week. The figure of 20,000 crores was crossed.
On Tuesday 20 August, Antfin Singapore Holding sold its 5 percent stake in Zomato through a block deal for Rs. 4771 crore. On the same day, General Atlantic also sold its 2.4 percent stake in PNB Housing for Rs. 1116 crore. On August 22, a block deal was again seen in the shares of PNB Housing. In this deal, Asia Opportunities Five (Mauritius) acquired 3.1 percent stake in the company for Rs. 1032.7 crore.
Giant PE firm Warburg Pincus also sold its entire 6.5 per cent stake in Kalyan Jewellers for Rs 3,585 crore in a block deal on August 22. In another deal in the same session, Chrys Capital bought Eris Lifesciences for Rs. 1,187 crore. 7.3 per cent equity was sold.
Apart from this, the promoters of Alkem Laboratories have invested Rs. 487 crore in a deal worth Rs. 0.7 per cent stake was sold. However, the biggest block deal happened on the last day of the week, Friday 23 August, with Ambuja Cements (Rs. 4,251 crore), Tata Technologies (Rs. 1,000 crore) and GMR Airports. Shares worth Rs. 13,000 crore were sold. Apart from this, Nykaa and GMR Airports made deals worth Rs. 800 crore and Rs. 503 crore respectively.
