Netweb Technologies’ equity worth ₹459 Crore change hands

2 Aug 2024 , 11:30 AM

Netweb Technologies’ 20.5 lakh shares, or 3.64% of its stock, valued at ₹459 Crore at ₹2,232 each. The transaction’s formal buyers and sellers are yet to be determined.

On Thursday, August 1, sources said that the company’s promoters, Sanjay Lodha, Navin Lodha, Vivek Lodha, and Niraj Lodha, were planning to sell 20.54 lakh shares through block agreements.

According to sources, the deal’s floor price of ₹2,180 per share represents a 3.4% discount from the current market price (CMP).

Sources projected the overall offer amount to be $53.5 Million (up to ₹447.9 Crore).

Netweb Technologies is a server, storage, and high-performance computing (HPC) solution provider headquartered in New Delhi.

According to BSE records, Sanjay Lodha owned 29.9% of the company, followed by Navin Lodha, Niraj Lodha, and Vivek Lodha, who each owned 14.95%.

According to reports last month, Sanjay Lodha, CMD of Netweb Technologies India, stated that the company had never seen such quick rise in data centre demand in the country before.

In terms of growth, Lodha stated that his order book was approximately ₹400 Crore in March and has remained consistent despite a 143% increase. So I am confident that I will get 30-35% growth.

At around 9.46 AM, Netweb Technologies was trading 1.23% higher at ₹2,282.35 per piece, against the previous close of ₹2,254.60 on NSE. The counter touched an intraday high and low of ₹2,303, and ₹2,210, respectively.

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