SJS promoters sell significant stake

In a surprise move, the promoters of SJS have sold 29.5% through the open market transactions.

  • The selling is by a promoter entity, Evergraph Holdings Pte. It’s shareholding has consequently declined from 34.15% to 4.63%.
  • What’s more interesting is – the combined promoter stake has now fallen to just 21.81% (from the earlier majority of 51.33%).
  • The shares were sold in the range of Rs 600-600.06/ share, taking the combined transaction value to Rs 549.86 cr.
  • Stake has been picked up by various known domestic and international funds.

The development has come as a total surprise to me.

Given the promoters have now declined significantly from the majority ownership position, I will shift from positive to neutral on the stock.

I like the business and hence will keep it under watch.

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