Tips Industries Promoters Sell 5.28% Stake For Rs 233 Crore

Two promoters of Tips Industries Ltd. have offloaded a combined 5.28% stake in the company for over Rs 233 crore via an open market transaction.

Kumar S Taurani sold 117.78 crore shares (2.64%) for Rs 346.44 apiece, while Ramesh S Taurani offloaded 116.58 crore shares (2.64%) for Rs 343 apiece, according to the bulk deal data on the NSE.

As of September, Kumar S. Taurani held a 20.28% stake in the company, while Ramesh S. Taurani had a 20.24% stake.

F3 Advisors bought 14.14 lakh shares (1.1%) at Rs 345.78 apiece, while Mansi Share and Stock Advisors purchased 7.33 lakh shares (0.57%) at Rs 346.21 apiece, and Sahastraa Advisors mopped up 6.6 lakh shares (0.51%) at Rs 344.79 apiece.

Shares of Tips Industries closed 5.30% lower at Rs 342.70 apiece on the NSE, as compared with a 1.41% decline in the benchmark Nifty 50.