Force Motors falls over 30% in one month on stake sale by Bajaj Holdings
Bajaj Holdings & Investments sold 846,470 shares or 6.42% stake of Force Motors between June 16 and July 11 through open market.
Force Motors is trading lower by 1% to Rs 425, falling 5.3% from intra-day high of Rs 449 touched in early morning deals on the Bombay Stock Exchange (BSE).
Shares of cars and utility vehicles maker have fallen 32% from its 52-week high of Rs 625 touched on June 11 after Bajaj Holdings & Investment sold more than 6 percentage points stake of the company through open market transactions.
On July 14, Force Motors said that Bajaj Holdings & Investment sold about 2.75 lakh shares of the company for Rs 2.42 crore between July 7 and July 11 through the open market.
Meanwhile, according to disclosures made to the BSE, Bajaj Holdings & Investment sold 846,470 shares representing 6.42% stake of Force Motors for Rs 44.93 crore between June 16 and July 11 through open market.
Post transaction, Bajaj Holdings & Investment stake in Force Motors reduced to 11.04% from 17.46%, it added.
Bajaj Holdings & Investment held 19.48% stake in the company at the end of March 2014 quarter. The company however, not disclosed the name of the buyers.
Shares of cars and utility vehicles maker have fallen 32% from its 52-week high of Rs 625 touched on June 11 after Bajaj Holdings & Investment sold more than 6 percentage points stake of the company through open market transactions.
On July 14, Force Motors said that Bajaj Holdings & Investment sold about 2.75 lakh shares of the company for Rs 2.42 crore between July 7 and July 11 through the open market.
Meanwhile, according to disclosures made to the BSE, Bajaj Holdings & Investment sold 846,470 shares representing 6.42% stake of Force Motors for Rs 44.93 crore between June 16 and July 11 through open market.
Post transaction, Bajaj Holdings & Investment stake in Force Motors reduced to 11.04% from 17.46%, it added.
Bajaj Holdings & Investment held 19.48% stake in the company at the end of March 2014 quarter. The company however, not disclosed the name of the buyers.