Manorama Industries Promoters Offload Stake Worth Rs 200 Crore

Manorama Industries Ltd. promoters Vinita Ashish Saraf, Shrey Ashish Saraf and Agastya Saraf along with shareholder Ritu Saraf have offloaded stake worth Rs 200 crore through open market transactions on Tuesday. On the other hand, fund houses like LIC Mutual Fund, Bank of India Mutual Fund and Aditya Birla Sun Life Mutual Fund bought shares in the company.

While Vinita Ashish Saraf offloaded 12.22 lakh shares representing 2.05% of the overall stake, Shrey Ashish Saraf and Agastya Saraf offloaded 0.25% each, at Rs 1,100 per share. Ritu Saraf sold 2.97 lakh shares at Rs 1,100 apiece, according to block deal data on BSE.

As of September, the shareholding of Ritu stood at 7.61%, Shrey at 9.93%, Saraf at 23.31% and Agastya at 24.01%, according to the data available with the exchanges.

LIC Mutual Fund bought 7.27 lakh shares, representing 1.22% stake, and Bank of India Mutual Fund mopped up 2.7 lakh shares or 0.45% stake at Rs 1,100 per share. At the same buying price, Aditya Birla Sun Life Mutual Fund acquired 8.18 lakh shares or 1.37% stake.

Shares of Manorama Industries fell as much as 5.99% during the trade on Tuesday. The scrip partially recovered to close 2.55% lower at Rs 1,090 per share. This compares with a 0.11% decline in the benchmark Nifty 50.

On a year-to-date basis, the stock has soared by 172.36%. It has also marked a climb of 187.05% over the past 12 months.