Large block deal in Piramal Enterprises; FII likely seller

A large block deal involving a 2.6 percent equity in Piramal Enterprises took places on the exchanges on July 6. Around 61.1 lakh shares or a 2.6 percent equity changed hands at an average of Rs 941, a 1 percent discount from Wednesday’s closing price of Rs 950.15. The total deal value was Rs 574.95 crore.

Though Moneycontrol could not identify the parties involved in the transaction, CNBC-Awaaz had reported on July 5 quoting sources that one foreign institutional investor (FII) was looking to pare stake in the company.

As per the CNBC-Awaaz report, the block deal was to be facilitated by Axis Capital.

At 09.43 am, shares of Piramal Enterprises were trading at Rs 946.64 on the NSE, down 0.4 percent from the previous close.

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Smallcap World Fund, Tiaa-Cref Emerging Markets Equity Fund, New World Fund, College Retirement Equities Fund, East Bridge Capital Master Fund are some foreign institutional investors holding stake in Piramal Enterprises as per the shareholding data as on March 31.

Previously, Piramal Enterprises had offloaded its entire stake of 8.3 percent in Shriram Finance at an average price of Rs 1,545. Through this deal, Piramal Enterprises exited the non-bank finance lender, making Rs 4,944 crore.

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