Voltamp Transformers Ltd. promoter Kunjal Lalitkumar Patel is likely to sell shares worth Rs 599 crore on Tuesday in open market, according to the term sheet accessed by NDTV Profit.
Patel will offload 7.9 lakh shares at Rs 7,600 per share. This is at a discount of 2.3% from its previous close of Rs 7,777.5. Nuvama Wealth Management is the broker for the deal.
According to BSE, Patel holds 37.80% stake in the company as of June.
According to the term sheet, the shares sold will carry a two-year lock-up, while any unsold portion will have a one-year lock-in period.
Patel in September 2023 had offloaded a 12% stake worth Rs 562 crore through open market transactions. The shares were offloaded at an average price of Rs 4,633.09 apiece, taking the deal size to Rs 562.50 crore. After the transaction, Kunjal Lalitkumar Patel's shareholding has declined to 37.8% from 49.8%.
The business update was shared aftermarket hours. The stock settled 1.06% lower at Rs 7,777.50 apiece on the NSE, compared to a 0.13% advance in the benchmark Nifty 50.
Voltamp Transformers' shares have fallen 43.56% in the last 12 months and 23.27% year-to-date.
Out of seven analysts tracking the company, four maintain a 'buy' rating, two recommend a 'hold' and one suggests 'sell', according to Bloomberg data. The average 12-month consensus price target of Rs 10,078 implies an upside of 29.6%.
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