Tips Industries Promoters Sell 5% Stake To SBI MF For Rs 244 Crore

The Taurani family, promoters of Tips Industries Ltd., have sold 5% stake in the company to SBI Mutual Fund for Rs 244 crore through open market transactions on Monday.

Founder, Chairperson and Managing Director Kumar Taurani and Executive Director Ramesh Taurani sold 24.5 lakh shares (1.9%) each in the Mumbai-based music record label company, according to bulk deal data available on the BSE.

Renu Kumar Taurani and Varsha Taurani sold 8 lakh shares (0.62%) each.

SBI Mutual Fund mopped up 64.25 lakh shares. The transactions were done at Rs 380 apiece, indicating a 7.5% discount from the previous closing price.

The promoters, who sold shares, held a combined 48% stake in the company as of December 2023. The total shareholding of the promoters stood at 68.92%, after the Tauranis offloaded 78 lakh shares—representing 6.07%—in block deals last month.

In the December quarter, Tips Music reported a 72% year-on-year increase in net profit to Rs 34.7 crore, with revenue rising 27% to Rs 64.8 crore.

The board announced an interim dividend of Rs 3 per share for the quarter.

Shares of Tips Industries closed 5.07% higher at Rs 430.80 on the BSE on Monday, as compared with a 1.76% advance in the benchmark Sensex.