Prudent Corporate Promoters Offload Stake Worth Rs 251 Crore

Promoters of Prudent Corporate Advisory Services Ltd. offloaded a 2.47% stake worth Rs 251 crore through open market transactions.

Rameshchandra Chimanlal Shah and Sanjay Rameshchandra Shah sold 10.24 lakh shares, representing a 2.47% stake in the financial services company, according to bulk deal data available with the National Stock Exchange on Monday. While Rameshchandra Chimanlal offloaded 6.12 lakh shares at Rs 2,450 apiece, Sanjay Rameshchandra offloaded shares at Rs 2,450.05 apiece.

Rameshchandra Chimanlal has exited Prudent Corporate after the stake sale and Sanjay Rameshchandra's stake holding has reduced to 42.37%. As of June, Rameshchandra Chimanlal held a 1.48% stake in the company and Sanjay Rameshchandra held a 43.36% stake.

Societe Generale acquired 2.75 lakh shares amounting to a 0.6% stake in the Ahmedabad-based company for Rs 2,450 per share. Details of the other buyers of Prudent Corporate's shares could not be identified.

Shares of Prudent Corporate plunged 6.57% to close at Rs 2,382.25 apiece on the NSE, compared to a 0.13% advance in the benchmark Nifty.