Promoters of Electronics Mart India divest 7.8% stake for Rs 689 cr

Pavan Kumar Bajaj and Karan Bajaj, the promoters of Electronics Mart India, on Friday, divested a 7.8 per cent stake for Rs 689 crore via open market transactions, while Norway's Government Pension Fund Global and SBI MF picked up the stake.

According to the bulk deal data on the National Stock Exchange (NSE), Pavan Bajaj and Karan Bajaj sold 1.50 crore shares each, representing a 7.8 per cent stake in Electronics Mart India Ltd (EMIL).

The shares were offloaded in the price range of Rs 229.75-229.77 apiece, taking the transaction value to Rs 689.28 crore.

After the latest transaction, the combined shareholding of promoter and promoter group entities' in EMIL has declined to 65.17 per cent from 72.97 per cent.

Meanwhile, SBI Mutual Fund (MF) purchased 1.51 crore scrips, amounting to a 3.92 per cent stake in EMIL and Norges Bank - Government Pension Fund Global and Franklin Templeton MF acquired 99.41 lakh shares of Electronics Mart India.

Shares were bought by these entities in the price range of Rs 229.75-230.79 per piece, taking the deal value to Rs 576.32 crore.

Details of other buyers of EMIL's shares could not be identified.

Shares of Electronics Mart India rose 3.29 per cent to close at Rs 237.75 apiece on the NSE.

The Hyderabad-based Electronics Mart Inda is a South Indian retail company that sells electronics, home appliances, and consumer durables.