Jyoti CNC Block Deal: Non-Promoter Investors To Sell Shares Worth Rs 1,542 Crore

Certain public shareholders of Jyoti CNC Automation Ltd. are set to sell shares through block deals on Monday for at least Rs 1,542 crore.

Nearly 1.37 crore shares will be on offer in the secondary market, representing a 6% stake, as per term sheet accessed by NDTV Profit. The details of the sellers could not be ascertained.

The floor price has been set at Rs 1,125.6 per share, the same as Friday's closing on the NSE.

The block deal window is open in the morning trading session from 8:45 a.m. to 9:00 a.m. and in the afternoon trading session from 2:05 p.m. to 2:20 p.m.

Block deals are executed off the exchange's central order book and are negotiated between two parties, typically institutional investors, such as mutual funds, insurance companies or banks.

Public shareholders own 37.45% equity in the Rajkot-based machine tool manufacturer. Mutual Funds have 10.35% shareholding and foreign portfolio investors 7.2%.

Jyoti CNC Automation is one of the world’s leading manufacturers of metal-cutting CNC machines. It has an impressive client base from the defence sector and this includes the Space Application Centre, BrahMos Aerospace, Turkish Aerospace, Tata Advances System, Tata Sikorsky Aerospace, Bharat Forge, Shree-ram Aerospace and Defence, Harsha Engineers, Bosch etc.

Shares of Jyoti CNC Automation ended 0.35% lower at Rs 1,125.6. The stock has declined 16.7% so far this year.