Major Stakeholders Divest Shares in Jyoti CNC Automation Valued at Rs 1,079 Crore

Two stakeholders offloaded a 4.2% stake in Jyoti CNC Automation for Rs 1,079 crore. Axis Mutual Fund, Morgan Stanley, and others acquired shares. The shares were sold in the price range of Rs 1,123-1,125.15 apiece, causing a slight decline in the company's share prices.

On Monday, two stakeholders divested a 4.2 per cent stake in Jyoti CNC Automation, amounting to Rs 1,079 crore, through open market transactions. Axis Mutual Fund, Morgan Stanley, and Societe Generale were among the buyers.

A total of 96.05 lakh shares were sold by Paresh Mohanlal Parekh and Vijay Mohanlal Parekh, according to bulk deal data from the National Stock Exchange (NSE). Vijay Parekh offloaded 48.02 lakh shares, while Paresh Parekh sold 45.41 lakh shares.

Paresh Parekh also executed a block deal of 2.60 lakh shares on the BSE. The shares were sold within the price range of Rs 1,123-1,125.15 each, making the total transaction value Rs 1,079.40 crore.

At the end of the June quarter, Vijay and the Parekh family owned a 7.52 per cent stake each in Jyoti CNC Automation, BSE data shows. Edelweiss Mutual Fund, HSBC MF, Tara Emerging Asia Liquid Fund, Astorne Capital VCC Arven, and Florida Retirement System acquired shares as recorded by the NSE block deal data. BofA Securities Europe SA also purchased shares on the BSE.

On the same day, Jyoti CNC Automation's shares declined by 1.35 per cent to close at Rs 1,117.50 per piece on the NSE and by 0.95 per cent to Rs 1,123.50 apiece on the BSE. Jyoti CNC, a global leader in CNC machine manufacturing, holds the third largest market share in India and the twelfth largest worldwide.

(With inputs from agencies.)