Voltamp Transformers drops 6% after Rs 603 crore block deal; promoter likely seller

CNBC Awaaz reported on September 25 that promoters of Voltamp Transformers were looking to collectively pare around 10 percent stake in the company.

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Shares of Voltamp Transformers opened around 6 percent lower on September 26 after a block deal worth Rs 603 crore took place on the bourses.

Around 13 lakh shares or 12.9 percent equity changed hands in a block deal at an average price of Rs 4,650 per share, which represents a near 6  percent discount from the stock’s Monday closing price of Rs 4,928.50.

At 09.20 am, shares of Voltamp Transformers were trading 4.6 percent lower at Rs 4,694.05 on the National Stock Exchange.

Moneycontrol could not immediately ascertain the parties involved in the transaction, however, CNBC Awaaz had reported on September 25 citing sources that the company’s promoters were looking to sell a combined 10 percent stake or 12 lakh shares of their total holdings through a block deal.

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The deal was expected to be executed at around Rs 4,600 a piece, likely to earn the promoters around Rs 550 crore, the CNBC Awaaz report stated. However, individual promoters that were looking to pare stake through the deal could not be identified by CNBC Awaaz.

The promoters of Voltamp Transformers currently own a 50 percent stake in the Vadodara-based company, as per the shareholding data at the end of the June quarter.

Shares of Voltamp suffered intense profit booking in the past month after its stellar run through the year, which dragged the stock nearly 15 percent lower. Regardless of that, the scrip is still sitting on gains of nearly 78 percent year-to-date.

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