SJS Enterprises falls 4% after huge block deal

Post the block deal, Evergraph Holdings will be left with a 4.6 percent stake in the company, which will also be locked up till November 10, 2024

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Shares of SJS Enterprises Ltd fell nearly 4 percent on August 22 after nearly 5.07 million shares (31 percent stake) of the company changed hands in two tranches, Bloomberg reported. However, details of the buyers and sellers were not known.

At 9.30am, the stock was trading at Rs 615 on BSE, down 1 percent from its previous close. It had hit a low of Rs 597 a share and declined as much as 3.87 percent after the opening bell.

According to a report by CNBC-TV18 earlier, Evergraph Holdings will likely sell 29.53 percent of its total holding of 34.15 percent in the company, while Sanders Consulting may sell 0.56 percent of its 1.11 percent stake through block deals.

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The floor price of the deal is expected to be around Rs 580 a piece which sits at a 6.6 percent discount to the stock’s previous closing price of Rs 620.75, the report stated. The total deal value is likely to be around Rs 541.50 crore.

Post the block deal, Evergraph Holdings will be left with a 4.6 percent stake in the company, which will also be locked up till November 10, 2024.

On August 18, investor Ashish Kacholia sold 1.8 lakh shares worth Rs 11.5 crore in the company through a bulk deal.