Gravita India promoter pares 3.4% stake for Rs 498 crore

A promoter of Gravita India on Friday divested a 3.4 per cent stake in the company for Rs 498 crore through an open market transaction. According to the bulk deal data available on the NSE, Rajat Agarwal offloaded 25 lakh shares, representing a 3.38 per cent stake in Gravita India.

The shares were sold at an average price of Rs 1,991.52 apiece, taking the transaction value to Rs 497.88 crore.

Following the latest transaction, Rajat Agarwal’s holding in Gravita India slipped to 32.39 per cent from 35.77 per cent.

Meanwhile, Motilal Oswal Asset Management Co picked up 7.33 lakh shares at an average price of Rs 1,991 per piece. This took the deal value to Rs 145.98 crore.

Details of the other buyers of Gravita India’s shares could not be identified on the National Stock Exchange (NSE).

On Friday, shares of Gravita India depreciated 4.55 per cent to close at Rs 1,954 apiece on the NSE. In May 2023, Gravita India promoter Rajat Agarwal sold a 4.6 per cent stake in the company for Rs 181 crore. In a separate bulk deal on the NSE, Nippon India Mutual Fund purchased 19.5 lakh shares or 0.82 per cent stake in the Ramco Cements for Rs 195.98 crore.

The shares were picked up at an average price of Rs 1,005.03 apiece on the NSE.

Details of the sellers of the Ramco Cement’s shares could not be ascertained on the exchange.

The scrip of the Ramco Cements rose 1.50 per cent to close at Rs 1,002.65 apiece on the NSE.