“From May 22 and June 27, I along with persons acting in concert have sold 6.1 million equity shares and further sold 6.4 million equity shares on June 28, 2018, thereby total sale of 12.5 million equity shares (i.e. 1.40%) of Titan Company,” as per a disclosure made to BSE by Rakesh Jhunjhunwala.
The name of the buyers not ascertained immediately.
Following the share sale, the shareholding of Jhunjhunwala, along with eight other entities, has dropped to 65.45 million (7.37% stake) from 77.95 million (8.78%) on May 21.
Titan, which is into jewellery and watch retailing, is the top holdings for Jhunjhunwala, who holds shares worth $2 billion in over a dozen companies.
At 03:16 pm; Titan Company was trading 4.8% higher at Rs 878 on the BSE, as compared to 1.15% rise in the S&P BSE Sensex. The trading volumes on the counter nearly doubled with a combined 4.94 million shares changed hands on the BSE and NSE so far.