Inventurus Knowledge Solutions Shares Fall As Shareholders Look To Offload Rs 416-Crore Stake

Shares of Inventurus Knowledge Solutions Ltd. fell nearly 4% on Thursday after multiple block deals.

Stock worth Rs 484 crore traded hands on Thursday on the NSE, with the buyers and sellers still unknown. However, multiple individual selling shareholders are looking to sell 1.5% stake, via block deals, people in the know told NDTV Profit.

The healthcare solutions provider is backed by the Jhunjhunwala family.

The indicative offer price has been set at Rs 1,650, which is at a 3.2% discount from the previous closing price of Rs 1,703.40. The total deal is expected to be at Rs 416 crore. This includes a base issue of Rs 330 crore and a greenshoe option of Rs 85.7 crore.

ICICI Securities is the sole merchant banker to the deal.

Nistha Jhunjhunwala Discretionary Trust, Aryavir Jhunjhunwala Discretionary Trust, and Aryaman Jhunjhunwala Discretionary Trust together hold 16.37% stake in IKS Health as of March quarter.

Shares of Inventurus Knowledge Solutions fell as much as 3.60% to Rs 1,642.10 apiece, the lowest level since June 9. It pared losses to trade 3.57% lower at Rs 1,642.60 apiece, as of 10:00 a.m. This compares to a 0.10% advance in the NSE Nifty 50.

The stock has fallen 15.80% since listing and 14.02% year-to-date. Total traded volume so far in the day stood at 125 times its 30-day average. The relative strength index was at 52.

Out of four analysts tracking the company, one maintains a 'buy' rating and three recommend a 'hold', according to Bloomberg data. The average 12-month consensus price target implies a downside of 4.2%.