BlackRock trims Escorts stake; sells shares worth Rs 700 cr

BlackRock Inc has trimmed its stake in engineering and farm equipment maker Escorts by selling 4.41 lakh shares worth around Rs 700 crore through a market transaction. As per a regulatory filing, BlackRock Inc, which had 3.20 percent stake earlier, brought down its shareholding in the company to 2.84 percent by selling shares on September 19, 2019.

Based on the weighted average price of Escorts' stock at Rs 15,857.07 apiece on September 19, 2019, the transaction is estimated at Rs 699.51 crore. Shares of Escorts were trading 5.66 percent higher at Rs 18,853.20 apiece on the BSE.