360 One sells 5.3% stake in Protean eGov Tech for Rs 241 cr via open market

360 One WAM (formerly IIFL Wealth Management) on Wednesday divested a 5.3 per cent stake in Protean eGov Technologies for Rs 241 crore through open market transactions.

360 One Group through its affiliates, 360 One Special Opportunities Fund Series 5, IIFL Special Opportunities Fund Series 5 and 360 One Special Opportunities Fund Series 4 sold 21,48,841 shares or 5.3 per cent stake in Protean eGov Technologies through separate bulk deals on the BSE, as per the data on the exchange.

The shares were offloaded within the price range of Rs 1,115.18-1,130.63 apiece, taking the transaction value to Rs 240.66 crore.

After the latest transaction, 360 One Group's combined shareholding through its affiliates has declined to 17.29 per cent from 22.59 per cent stake in the company.

Meanwhile, the Massachusetts Institute of Technology Basic Retirement Plan acquired 5 lakh shares of Protean eGov Technologies at an average price of Rs 1,144.93 apiece on the BSE, taking the deal value to Rs 57.25 crore.

Details of the other buyers of shares could not be ascertained.

On Wednesday, shares of Protean eGov Technologies jumped 6.77 per cent to close at Rs 1,210.05 apiece on the BSE.