Two Promoter entities of Astral divest 1.74% stake worth Rs 885 crore

Two promoter entities of building materials and equipment company Astral Ltd on Wednesday divested 1.74 per cent stake in the company for Rs 885 crore through open market transactions.

Kairav Chemicals Ltd and Saumya Polymers LLP were the promoter group entities who sold the shares of Astral.

Nippon India Mutual Fund, Reliance Life Insurance Company, Star Union Dai-chi Life Insurance, National Pension System (NPS) Trust SBI, Morgan Stanley, the government of Singapore, Abu Dhabi Investment Authority, and Tara Emerging Asia Liquid Fund were the buyers of the shares.

As per the block deal data available with the National Stock Exchange (NSE), Kairav Chemicals offloaded 10.60 lakh shares of Astral and Saumya Polymers sold more than 36.20 lakh shares, amounting to 0.39 per cent stake and 1.35 per cent stake, respectively, in the company.

The shares were disposed of at an average price of Rs 1,889.80 per piece, taking the combined transaction value to Rs 884.56 crore.

After the latest transaction, stakeholding of Kairav Chemicals has declined to 6.49 per cent stake, and shareholding of Saumya Polymers' has reduced to 8.48 per cent from 9.83 per cent equity stake.

Shares of Astral Ltd declined 2.19 per cent to close at Rs 1,867 apiece on the NSE.