Shares of CMS Info Systems Ltd. fell over 5% on Tuesday on reports that its promoter is planning to sell a stake in the company through large trade.
CMS Infosystems Ltd.'s promoter is set to exit the company with a stake sale worth Rs 1,503.8 crore as part of a large trade.
Sion Investment Holdings, an affiliate of Baring Private Equity Asia, will offer to sell 4.17 crore shares, or a 26.67% stake in the company, according to the term sheet accessed by NDTV Profit.
Sion Investment Holdings was the sole promoter of the company as of Dec. 31, 2023, according to data on the Bombay Stock Exchange. IIFL Securities Ltd. is the sole broker for the deal, according to the term sheet.
Shares of the company fell as much as 5.42% during the day to Rs 375.5 apiece on the NSE. It was trading 0.04% lower at Rs 396.8 apiece, compared to a 0.02% advance in the benchmark Nifty 50 as of 9:56 a.m.
It has risen 43.1% in the last 12 months. The total traded volume so far in the day stood at 487 times its 30-day average. The relative strength index was at 51.9.
All seven analysts tracking CMS Info Systems have a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 24.3%.
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