Image Courtesy: Business Standard
On Monday, 5 percent equity stake in the TVS Motor company was sold in a block deal. As a result, shares of TVS Motor Company soared more than 4 percent.
. @tvsmotorcompany Large Trade | 5% equity worth Rs 1,406 cr exchanged in #BlockDeal window
Sundaram Clayton likely to have sold 5% stake in co via block deal pic.twitter.com/94GQU2rKeM— CNBC-TV18 (@CNBCTV18Live) June 7, 2021
The names of the buyers and sellers weren’t revealed. However, according to CNBC TV 18, Sundaram Clayton, a Chennai-based TVS Group company, is likely to have sold a 5 percent interest in the company through a block deal. As of March 2021, Sundaram Clayton held a 57.40 percent stake in the company.
As per exchange data, around 2.44 crore shares, representing 5.13 percent of the total equity worth Rs 1,506 crore were traded via block deal window on the National Stock Exchange (NSE). The block deal was carried out at a price of Rs 617.25 per share.
The stock trading at Rs 651.95, went up by 4.58% to reach Rs 28.55. It reached an intra-day high of Rs 662.90 and a low of Rs 640. The scrip also had a more than 1.18-fold increase in volume, with 184,302 shares traded in comparison to its five-day average of 124,584 shares, representing a 47.93 percent gain.
TVS is India’s sole player with a presence in all forms of 2 wheelers- scooters, motorcycles, mopeds, and electric vehicles. Its market share has increased in the previous five years by successfully building brands such as Apache, Jupiter, and Ntorq.