SJS Enterprises may see promoter selling off 30% stake in a block deal today

Promoter entity, Evergraph Holdings along with an institutional investor Sanders Consulting are likely to offload a cumulative 30 percent stake in SJS Enterprises.

Shares of SJS Enterprises will remain in focus on August 22 following reports that a promoter entity, Evergraph Holdings Pte Ltd, along with institutional investor Sanders Consulting were looking to collectively offload around 30 percent stake in the company.

CNBC-TV18 reported, citing sources that Evergraph Holdings was likely to 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 on Tuesday.

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 Monday closing price of Rs 620.75, the report stated. The total deal value is likely to be around Rs 541.50 crore.

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

Earlier last week, renowned investor Ashish Kacholia also sold 1.8 lakh shares in the company through a bulk deal worth Rs 11.50 crore on August 18. Consequently, the stock settled nearly 3 percent lower in the previous session.

Also Read | SJS Enterprises stock falls 3% after Ashish Kacholia sells stake in bulk deal

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