The shares were disposed of in the range of Rs 485.06-485.75, taking the transaction value to around Rs 468 cr.
- The sellers included – Parag Mofatraj Munot (Promoter) and the two promoter group entities — Kalpataru Constructions Pvt Ltd and Kalpataru Viniyog LLP
- Post this, the total promoter group’s shareholding in Kalpataru Projects International (KPIL) stands at 41.31%.
- Promoter group’s shareholding stood at 59.45% in March 2017. Since, then it has been gradually declining.
Is it a cause of concern? Are promoters doubtful about KPIL’s business potential?
In case of KPIL, doubt on business potential as such doesn’t seem to be there. It’s doing reasonably well and has good prospects.
Promoters must be forced to reduce the stake to fund their real estate business where it went through troubled times over last 4-5 years.
Promoter’s reducing ownership and hence defacto control should actually be seen positive for KPIL.