Kalpataru Constructions Sells Stake, Alkem Laboratories Shares Surge

Kalpataru Constructions divested a 5.3% stake in Kalpataru Projects International for Rs 1,003 crore via an open market transaction. This reduced their shareholding to 8.4%. Shares of KPIL fell 4.44% on the BSE. Meanwhile, Alkem Laboratories public shareholders sold stakes worth Rs 990 crore, with shares rising 2.43%.

On Tuesday, Kalpataru Constructions, one of the promoters of Kalpataru Projects International, divested 5.3% of its stake in the company, netting Rs 1,003 crore through an open market transaction. According to BSE bulk deal data, the construction giant sold 86,95,653 shares at an average price of Rs 1,153.99 each. This transaction reduces Kalpataru Constructions' holding in KPIL to 8.4% from an earlier 13.76%.

In response to the divestment, shares of Kalpataru Projects International fell by 4.44%, closing at Rs 1,165.10 apiece on the BSE. Additionally, the aggregate stake of the promoter and promoter group entities in KPIL decreased to 35.24% from 40.59%.

Meanwhile, in a separate transaction on the BSE, Custody Bank of Japan Ltd RE RB Amundi India Small Cap Equity Mother Fund acquired 9.10 lakh shares of KPIL at an average price of Rs 1,150 each, pushing the deal value to Rs 104.65 crore. Details regarding other buyers remained unclear. Shares of Alkem Laboratories saw a 2.43% rise following the sale of 20 lakh shares worth Rs 990 crore by public shareholders Rajesh Kumar and Rajeev Ranjan.

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