Today's block deal might see the promoter of SJS Enterprises sell 30% of the company

22 Aug 2023 , 11:52 AM

Following news that promoter Evergraph Holdings Pte Ltd and institutional investor Sanders Consulting planned to sell a combined 30% investment in SJS Enterprises, the company’s stock will continue to be closely watched on August 22.

Evergraph Holdings was expected to sell 29.53% of its total 34.15% investment in the company on Tuesday, according to CNBC-TV18, which cited sources. Sanders Consulting was expected to sell 0.56% of its 1.11% stake.

The deal’s floor price is anticipated to be about Rs 580 per unit, representing a 6.6% reduction to the stock’s closing price on Monday of Rs 620.75, according to the article. Around Rs 541.5 crore is the expected overall deal value.

Evergraph Holdings will still own 4.6% of the company following the block deal, but that ownership will be restricted until November 10, 2024.

Ashish Kacholia, a well-known investor, also sold 1.8 lakh shares of the company earlier last week in a bulk transaction for Rs 11.50 crore on August 18. As a result, the stock decreased by about 3% in the previous session.

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