Shares of Inox Wind Ltd. declined as much as 9% on Tuesday after a large trade that took place in the stock.As many as 2.75 crore shares or 5% of the company's total equity changed hands in a block deal that took place on the exchanges.
Including other promoter entities, the promoter group held a 52.87% stake in the company.
In case the promoter entity is indeed the seller, the promoter stake in Inox Wind will fall below the 50% mark.Shares of Inox Wind recently started trading ex-bonus.
The company had issued three free shares for every one share held.Buyers and sellers in this transaction remain unknown on an official basis.Shares of Inox Wind are currently trading 9.1% lower at ₹149.30.
Despite this drop, shares of Inox Wind have risen over 350% in the last 12 months.
Shares of Inox Wind Ltd. declined as much as 9% on Tuesday after a large trade that took place in the stock.As many as 2.75 crore shares or 5% of the company's total equity changed hands in a block deal that took place on the exchanges. The average price at which the shares changed hands was ₹151 per share, taking the total transaction value above ₹400 crore.CNBC Awaaz had reported on Monday evening citing sources that Inox Wind promoter Inox Wind Energy Ltd. (IWEL) planned on selling up to 5% of the company's total equity in a deal that was to take place between ₹148 to ₹150 per share.As of the March quarter-end, Inox Wind Energy Ltd. held a 38.43% stake in the company. Including other promoter entities, the promoter group held a 52.87% stake in the company. In case the promoter entity is indeed the seller, the promoter stake in Inox Wind will fall below the 50% mark.Shares of Inox Wind recently started trading ex-bonus. The company had issued three free shares for every one share held.Buyers and sellers in this transaction remain unknown on an official basis.Shares of Inox Wind are currently trading 9.1% lower at ₹149.30. The stock is now up only 13% so far in 2024. Despite this drop, shares of Inox Wind have risen over 350% in the last 12 months.
