Promoter Kulkarni family sells 18% stake in Kirloskar Oil Engines for Rs 825 crore

9 Mar 2023 , 09:34 AM

On Wednesday, entities belonging to the late Gautam Kulkarni family and a part of Kirloskar Oil Engines Ltd’s promoter group sold nearly 18% stake in the company in block deals for Rs 825 crore.

Jyotsna Gautam Kulkarni, Ambar Gautam Kulkarni, and Nihal Gautam Kulkarni sold a total of 2,56,22,987 shares at Rs322 each on the NSE. This represents a 1% discount on the previous closing price.

Despite the large sale, the stock finished 20% higher on the bourse at Rs 390.05, owing to strong demand from institutional investors.

The Kulkarni family announced their decision to leave the Kirloskar Group companies in February to pursue independent ambitions and interests.

Jyotsna Kulkarni is the late Gautam Kulkarni’s wife, and his sons are Nihal and Ambar.

Nihal Kulkarni has also resigned as a director of Kirloskar Oil Engines, Kirloskar Industries, Kirloskar Americas, Navasasyam Dandekar Pvt Ltd, and G.G. Dandekar Machine Works Ltd, effective February 9, 2022.

As a result, Jyotsna Kulkarni and her family members announced that they would no longer be shareholders or promoters in the Kirloskar group companies.

The stake sale is in continuation of the previous announcements made by the family.

At around 9.36 AM, Kirloskar Oil was trading 3.06% higher at Rs402.90, against the previous close of Rs390.05 on NSE.

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