Kirloskar Pneumatic's promoter entities sell company's 14 pc share for Rs 432 crore

Kirloskar Pneumatic's promoter entities on Wednesday divested over 14 per cent stake in engineering firm Kirloskar Pneumatic Company Ltd for Rs 432 crore through open market transactions.

The promoter and promoter group who offloaded shares included Jyotsna Gautam Kulkarni, Ambar Gautam Kulkarni and Nihal Gautam Kulkarni.

The shares were picked up by a clutch of domestic Mutual Fund (MF) houses, investors and an insurance company.

The entities that purchased stake included L&T MF, Aditya Birla Sun Life MF, Tata MF, Franklin Templeton MF, ICICI Prudential Life Insurance Co Ltd, ValueQuest Investment Advisors Pvt Ltd, Alpna Enterprises and Jagdish Naresh Master, bulk deal data available with the BSE showed.

According to the data, promoter and promoter group sold a total of 93.25 lakh shares, amounting to 14.45 per cent stake of the company.

The shares were offloaded at an average price of Rs 463.05-Rs 463.66 apiece, taking the total transaction value to Rs 432 crore.

Shares of Kirloskar Pneumatic Co Ltd closed at Rs 484.30 on BSE, 1.90 per cent higher from previous close.

In a separate transaction, promoters of iron foundry company Kirloskar Ferrous Industries Ltd offloaded 31 lakh shares of the company for Rs 66 crore via open market transactions.

According to bulk deal data available with BSE, promoters -- Jyotsna Gautam Kulkarni, Nihal Gautam Kulkarni and Ambar Gautam Kulkarni -- disposed of a total of 30.98 lakh shares of the company at an average price of Rs 212.50-Rs 212.73 per scrip, taking the transaction value to Rs 65.86 crore.

Meanwhile, Nippon India Mutual Fund picked up the shares of the company.

Shares of Kirloskar Ferrous Industries Ltd closed 3.47 per cent lower at Rs 213.90 on BSE.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)