A public shareholder of Ideaforge Technology Ltd. exits the company by selling a 1.51% stake for Rs 42.71 crore through an open market transaction on Thursday.
Goldman Sachs through its affiliate offloaded 6.49 lakh shares, or 1.51%, at Rs 657.67 apiece, according to the National Stock Exchange bulk data.
Citigroup Global Markets Mauritius obtained 6.65 lakh shares, or 1.55%, for Rs 43.63 crore at Rs 656 apiece.
Ideaforge designs and manufactures world-class drones for mapping, security, and surveillance applications. It is also a preeminent market leader in the Indian unmanned aircraft systems, or UAS. Also, the company's customers have successfully completed more than 550,000 flights with our UAVs.
Other Deals
Through a block deal on Thursday, the promoter of Sanofi Consumer Healthcare India Ltd. also exited the company by offloading a 60.37% stake in the company for Rs 6,927.40 crore.
Hoechst Gmbh traded 1.39 crore shares, or 60.37%, with Opella Healthcare Participations B V at 4,982 apiece.
Shares of Ideaforge Technology closed 1.09% lower at Rs 676.75 apiece, compared to a 0.07% rise in the benchmark NSE Nifty.
The stock has fallen 13.20% in the last 12 months and 18.48% year-to-date.
Of the three analysts tracking the company, all three maintain a "buy" rating, according to the Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 21.6%.
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