Vijay Mohanlal Parekh and Paresh Mohanlal Parekh, the non-promoter shareholders of Jyoti CNC Automation Ltd., have offloaded shares worth Rs 1,489 crore through multiple block deals on Monday.
According to the term sheet that was accessed by NDTV Profit, nearly 1.37 crore shares were on offer in the secondary market, representing a 6% stake. The floor price had been set at Rs 1,125.6 per share, the same as Friday's closing on the NSE.
On Monday, Vijay Parekh offloaded 68.5 lakh shares, representing a 3.01% stake, at Rs 1,087.45 apiece. Paresh Parekh sold a 3.01% stake, comprising 68.5 lakh shares, at Rs 1,087.01 apiece.
Kotak Funds-India Midcap was among the buyers and bought a 1.66% stake in the company.
As of March 2025, Vijay Parekh and Paresh Parekh both held a 5.41% stake in the company. 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.
Shares of Jyoti CNC Automation ended 5.92% lower at Rs 1,059. The stock has declined 21.82% year-to-date and 21.59% so far this year.
An analyst tracking the company maintains a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies an upside of 22.4%.
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