Kalpataru Projects Promoter Divests Rs 1,003-Crore Stake

Kalpataru Constructions Pvt., the promoter of Kalpataru Projects International Ltd., sold stakes worth Rs 1,003 crore in the company, through open market transactions on Tuesday. While, Custody Bank of Japan Re Rb Amundi India Small Cap Equity Mother Fund bought minority stake in the company.

The promoter sold 86.95 lakh shares representing 5.35% stake in the company at Rs 1,153.99 apiece, according to bulk data on the BSE. The promoter held 13.76% stake in the construction company, as of March 2024.

Custody Bank of Japan Re Rb Amundi India Small Cap Equity Mother Fund mopped up 0.56% stake comprising of 9.1 lakh shares at Rs 1,150 per share.

Kalpataru Construction had disposed close to 10 lakh shares in the company at Rs 485.13 per share in May 2023.

Kalpataru Projects International raised Rs 300 crore through issuance of non-convertible debentures on private placement basis, earlier this month.

Shares of Kalpataru Projects International closed 4.52% lower at Rs 1,165 per share, compared to a 0.39% advance in the NSE Nifty 50.