Prudent Advisory Promoters Sell Stake Worth Rs 251 Crore to Societe Generale

Promoters of Prudent Corporate Advisory Services sold a 2.47% stake in the company for Rs 251 crore on Monday through open market transactions. Societe Generale acquired this stake. According to National Stock Exchange (NSE) data, Rameshchandra Chimanlal Shah and Sanjay Rameshchandra Shah, promoters of Prudent Corporate, sold 10.24 lakh shares at Rs 2,450 each, totalling Rs 251.04 crore.

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Societe Generale's Acquisition

Societe Generale purchased 2.75 lakh shares, representing a 0.6% stake in Prudent Corporate Advisory Services, for Rs 67.37 crore. The shares were bought at the same price as those sold by the promoters. The identities of other buyers remain unknown.

After this transaction, Rameshchandra Chimanlal Shah exited Prudent Corporate by selling his 1.48% stake (6.12 lakh shares). Sanjay Shah's holding decreased from 43.36% to 42.37%. Shares of Prudent Corporate Advisory Services dropped by 7.05%, closing at Rs 2,370 per share on the NSE.

Bandhan Mutual Fund's Investment

In a separate deal, Bandhan Mutual Fund acquired a 1.2% stake in Ethos by purchasing 3 lakh shares for Rs 100 crore through open market transactions. The shares were bought at an average price of Rs 3,346 each from Master Capital Services Ltd and Mahen Distribution.

Shares of Ethos fell by 2.12%, closing at Rs 3,307.90 per share on the NSE following the transaction.

Shriram Finance Transactions

On the same day, Societe Generale and BofA Securities acquired a combined total of 5.92 lakh shares of Shriram Finance for Rs 176 crore via open market transactions. The shares were bought at an average price of Rs 2,981.50 each.

These shares were sold by UK-based hedge fund Marshall Wace through its affiliate Marshall Wace Investment Strategies - Eureka Fund at the same price. Following this transaction, Shriram Finance's shares rose by 3.47%, closing at Rs 3,085 per share on the NSE.

The recent transactions highlight significant movements in the stock market involving major financial entities and investment funds.