Polycab Block Deal: JP Morgan, Morgan Stanley, Societe Generale And Others Acquire Shares Worth Rs 1,740 Crore
Ramesh Thakurdas Jaisinghani, Ajay Jaisinghani, Bharat Jaisinghani, Inder Thakurdas Jaisinghani, Nikhil Ramesh Jaisinghani and Girdhari Thakurdas Jaisinghani trimmed their holdings in Polycab.
Seven individuals, including promoters of Polycab India, sold a combined 1.55% stake in the electrical equipment manufacturer on Thursday, raising nearly Rs 1,740 crore through open market transactions.
Block deal data on the NSE showed that promoters Ramesh Thakurdas Jaisinghani, Ajay Jaisinghani, Bharat Jaisinghani, Inder Thakurdas Jaisinghani, Nikhil Ramesh Jaisinghani and Girdhari Thakurdas Jaisinghani trimmed their holdings in the Mumbai-headquartered company.
In addition, Anil Hariram Hariani, Director of Commodities at Polycab India and a public shareholder, also offloaded part of his stake.
Among the key buyers of the shares were JP Morgan, Morgan Stanley Asia Singapore, Societe Generale, HDFC Standard Life Insurance, Kotak Mahindra Life Insurance, Ghisallo Capital Management, Tata Mutual Fund, ASK Investment Managers and Hong Kong-based hedge fund Viridian Asset Management.
These individuals collectively sold over 23.32 lakh equity shares, representing a 1.55% in separate deals. The combined transaction was valued around Rs 1,739.74 crore, and was executed at the price of Rs 7,458 apiece.
Shares of Polycab India fell 1.96% to close at Rs 7,385 apiece on the National Stock Exchange.
In July this year, Polycab India reported a 50% year-on-year growth in its Q1FY26 net profit to Rs 592 crore as compared to Rs 396 crore posted in the year-ago period.
The revenue from operations rose 26% YoY at Rs 5,906 crore against Rs 4,698 crore in the year-ago period.
In a separate bulk deal on the NSE, QRG Investments and Holdings, one of the promoters of Havells India, sold a little over 3.67 lakh shares or 0.51% stake in Awfis Space Solutions for nearly Rs 22 crore through an open market transaction.
The shares were disposed of at an average price of Rs 591.17 apiece, taking the deal value to Rs 21.72 crore.
After the share sale, QRG Investments and Holdings' equity stake in Awfis Space Solutions has come down to 4.56% from 5.07%.
Details of the buyers of Awfis Space Solutions' shares could not be ascertained on the exchange.
Shares of Awfis Space Solutions slipped 0.70% to settle at Rs 585.20 per piece on the NSE.
(With Inputs From PTI)
