Praveg gains 3% as Goldman Sachs picks up 2.18% stake

Patel Ashaben Vishnukumar, who is part of the promoter group, sold around 2.85 percent stake in Praveg at an average price of Rs 850.51 a share

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Shares of Praveg Limited gained over 4 percent at the open on March 12, a day after Goldman Sachs India Equity Portfolio picked up a 2.18 percent stake in the company.

Promoter Patel Ashaben Vishnukumar had offloaded 2.85 percent stake in the firm.

At 9:40 am, the stock was trading at Rs 949. It has gained more than 111 percent over the last year.

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Vishnukumar, who is part of promoter group, sold 7 lakh equity shares in Praveg at an average price of Rs 850.51 a share, exchange data shows.

Goldman Sachs Funds-Goldman Sachs India Equity Portfolio purchased 5,34,171 equity shares, or 2.18 percent stake, in the company at an average price of Rs 850 a share.

Also read: Praveg bags contract for developing tents at Lakshadweep’s Agatti Island

Praveg is primarily an event management company, which has recently ventured into the field of hospitality and operation management.

In Q3FY24, Praveg reported net sales of Rs 33.07 crore for Q3FY24 against Rs 28.38 crore in December 2022. Net profit fell nearly 30 percent to Rs 8.10 crore. EBITDA for the reporting period was Rs. 13.27 crore in December 2023, down 22.76 percent from Rs 17.18 crore in December 2022.

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