- Westbridge sold off 4.96% stake reducing it’s stake to 29.5% in the Company
- JIH II LLC sold it’s entire 2.03% stake
- Shares were sold at around Rs 294/ share
- Total promoters’ stake now stand reduced to 54.1% from 61.1% earlier
Buyers included SBI MF and Luxembourg-based Eastbridge Group amongst others.
Whether it’s a cause of concern?
Not really as the stake was sold by the institutional promoter investors who may have varied compulsions to liquidate.
On the contrary, this may remove the overhang of any significant further stake sale in the near term.
WestBridge has further sold 12.4% for Rs 1,906 cr.
WestBridge has further sold 12.2% stake for Rs 2,006 cr.
As per newspaper reports, WestBridge has fully exited and has sold it’s entire 16.2% stake.
Exit overhang is now done for this stock. From here, hopefully it will outperform.