Northern Arc Capital Shares Hit One-Month Low After Multiple Block Deals
Around 14% stake comprising 2.23 crore shares of Northern Arc changed hands in open market in three block deals, according to Bloomberg.
Shares of Northern Arc Capital Ltd. fell nearly 9% on Friday after multiple block deals and hit one-month low. The executed deals are expected to be at approximately Rs 440 crore. Additionally, the shares were trading at a high volume.
Around 14% stake comprising 2.23 crore shares changed hands in open market in three block deals, according to Bloomberg. The average price per share was at Rs 197, this indicates an 8% discount to the previous closing price. However, the buyers and sellers are not known.
The company has no promoter shareholding.
Foreign Companies own 49% stake in Northern Arc, with Leapfrog Financial Inclusion (II) India Ltd. holding the highest stake of 16.18% and Augusta Investments II holding 16.04%. Eight Road Investments holds 7.35, International Finance Corporation holds 6.08% and Accion Africa-Asia Investment Company has 3.99%.
Among the public shareholders, Quant MF is the only domestic institution with a stake in the company, at 1.21%. Alternate Investment Funds led by 360 ONE, have a stake close to 19% in Northern Arc, at the end of the March quarter.
Sumitomo Mitsui Banking Corp., which recently acquired a stake in Yes Bank, has a 3.77% stake in the company.
Northern Arc Capital Share Price Today
Shares of Northern Arc Capital fell as much as 8.69% to Rs 195.30 apiece, the lowest level since May 12. It pared losses to trade 2.94% lower at Rs 207.80 apiece, as of 10:47 a.m. This compares to a 0.84% advance in the NSE Nifty 50.
It has fallen 36.15% since its listing and 4.78% year-to-date. Total traded volume so far in the day stood at 98 times its 30-day average. The relative strength index was at 41.57.
