Promoter Offloads 10 Lakh Shares, Of PI Industries For Rs 315 Cr

The promoter of agrochemicals company PI Industries on Friday offloaded 10 lakh shares of the firm for Rs 315 crore through open market transactions. The shares were picked up by a clutch of domestic mutual funds (MFs), foreign investors and an insurance company.

The entities that purchased the stake are -- Mirae Asset MF, Sundaram MF, Tara Emerging Asia Liquid Fund, Morgan Stanley Asia Singapore Pte, BNP Paribas Arbitrage, Ghisallo Master Fund LP and ICICI Prudential Life Insurance Company Ltd. According to block deal data available with BSE, Mayank Singhal sold 10,00,000 shares of the company in eight tranches, amounting to 0.65 per cent stake in the company.

The shares were disposed of at an average price of Rs 3,150 apiece, taking the transaction value to Rs 315 crore. As of the June quarter, Mayank Singhal owned 18.47 per cent stake in the firm, as per shareholding data with the bourse. Shares of PI Industries closed 3.18 per cent lower at Rs 3,059.30 on BSE.

(PTI)