Suprajit Engineering is making some news today morning. TVS Motor and Sundaram Clayton, who held significant stake in the company sold off almost most of it.
According to data on the NSE, TVS Motor Company sold over 28 lakh shares or 2% and Sundaram Clayton sold 57 lakh shares or 4% at an average price of ?284.70.
Of the 85 lakh shares sold, around 46.51 lakh shares were bought by Unifi Capital, a Chennai-based portfolio management company.
As at 31st March 2021, Sundaram Clayton held 4.13% and TV Motor held 2.07%. Its not yet known if this stake sale is a part of the restructuring exercise of the TVS group.
The market does not seem to be too perturbed with this bulk deal as the stock price rose almost 4.5% to hit an intraday high at Rs.294.95. Its 52-week high is at Rs.318.45.